BEIJING, Feb. 25 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 6.9 basis points to 1.602 percent Tuesday.

The seven-day rate gained 2.7 basis points to 2.203 percent. The one-month rate went down 1.2 basis points to 2.318 percent, and the one-year rate dropped 0.3 basis points to 2.752 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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