BEIJING, Oct. 8 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, went down 0.8 basis points to 2.627 percent Tuesday.
The seven-day Shibor shed 15.5 basis points to 2.688 percent. The one-month rate went down 0.8 basis points to 2.754 percent, while the one-year rate was flat at 3.048 percent.
Shibor is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank RMB lending rates offered by the price quotation group of 18 commercial banks with a high credit rating, with the four highest and four lowest quotations excluded. Enditem
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