China's Overnight Shibor Interbank Rate Decreases Wednesday
Muhammad Irfan Published April 24, 2024 | 01:10 PM
BEIJING, (APP - UrduPoint / Pakistan Point News - 24th Apr, 2024) The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, edged down 0.4 basis points to 1.784 percent Wednesday.
The seven-day rate rose 3.1 basis points to 1.855 percent, the one-month rate edged down 0.4 basis points to 1.
959 percent, and the one-year rate dropped 0.7 basis points to 2.084 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.
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