BEIJING, Aug. 1 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 7.7 basis points to 1.177 percent Monday.
The seven-day rate dropped 14.5 basis points to 1.56 percent, the one-month rate went down 1.6 basis points to 1.721 percent, and the one-year rate dropped 2.5 basis points to 2.193 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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