China's overnight Shibor interbank rate increases Monday

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BEIJING, June 24 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 2 basis points to 1.98 percent Monday.

The seven-day rate rose 6.9 basis points to 2.008 percent, the one-month rate stayed unchanged at 1.9 percent, and the one-year rate remained flat at 2.059 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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