China's Overnight Shibor Interbank Rate Decreases Friday

The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 30.3 basis points to 1.55 percent Friday

BEIJING, (UrduPoint / Pakistan Point News - 25th Jun, 2021 ) :The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 30.3 basis points to 1.55 percent Friday.

The seven-day rate dropped 5.8 basis points to 2.196 percent, the one-month rate stayed flat at 2.

404 percent, and the one-year rate edged down 0.3 basis points to 2.904 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.