China's Overnight Shibor Interbank Rate Increases Wednesday

Fahad Shabbir (@FahadShabbir) Published April 17, 2024 | 12:30 PM

BEIJING, (APP - UrduPoint / Pakistan Point News - 17th Apr, 2024) The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 0.8 basis points to 1.723 percent Wednesday.

The seven-day rate rose 1.1 basis points to 1.816 percent, the one-month rate went down 0.5 basis points to 2.

0 percent, and the one-year rate dropped 0.9 basis points to 2.151 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.