BEIJING, Oct. 11 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, dropped 10.5 basis points to 1.9110 percent Friday.

The seven-day rate shrank 3.9 basis points to 2.556 percent, The one-month rate went down 0.55 basis points to 2.703 percent, and the one-year rate edged up 0.1 basis points to 3.05 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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