China's Overnight Shibor Interbank Rate Decreases Thursday

Sumaira FH Published August 05, 2021 | 06:30 PM

BEIJING, Aug 5 (UrduPoint / Pakistan Point News - 5th Aug, 2021 ) :The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 0.1 basis points to 1.709 percent Thursday.

The seven-day rate dropped 7 basis points to 1.97 percent, the one-month rate dipped 0.7 basis points to 2.

288 percent, and the one-year rate went down 1.4 basis points to 2.736 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.