China's Overnight Shibor Interbank Rate Decrease Thursday

Fahad Shabbir (@FahadShabbir) Published July 29, 2021 | 05:30 PM

BEIJING, (UrduPoint / Pakistan Point News - 29th Jul, 2021 ) :The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 44.8 basis points to 1.644 percent Thursday.

The seven-day rate dropped 9.9 basis points to 2.257 percent, the one-month rate edged down 0.3 basis points to 2.

326 percent, and the one-year rate dropped 0.8 basis points to 2.788 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.