The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, decreased 3.5 basis points to 1.608 percent Thursday.

The seven-day rate dropped 3.5 basis points to 1.838 percent, the one-month rate went down 0.5 basis points to 1.825 percent, and the one-year rate dropped 0.6 basis points to 1.926 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

Source: The Namibia News Agency