BEIJING, Oct. 23 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 1.3 basis points to 1.49 percent Wednesday.

The seven-day rate rose 1.6 basis points to 1.595 percent, the one-month rate remained flat at 1.82 percent, and the one-year rate edged up 0.4 basis points to 1.942 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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