China's Overnight Shibor Interbank Rate Increases Friday

The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 32.3 basis points to 2.175 percent Friday

BEIJING (UrduPoint / Pakistan Point News - 4th Jun, 2021 ) :The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 32.3 basis points to 2.175 percent Friday.

The seven-day rate rose 9.5 basis points to 2.187 percent, the one-month rate went down 0.7 basis points to 2.

377 percent, and the one-year rate dropped 1.2 basis points to 2.887 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.