BEIJING, March 20 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 1.1 basis points to 1.765 percent Wednesday.

The seven-day rate dropped 2.6 basis points to 1.844 percent, the one-month rate went up 0.6 basis points to 2.123 percent, and the one-year rate edged down 0.3 basis points to 2.27 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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