China's overnight Shibor interbank rate decreases Tuesday

BEIJING, Oct. 18 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 3.3 basis points to 1.134 percent Tuesday.

The seven-day rate dropped 2.8 basis points to 1.53 percent, the one-month rate edged down 0.3 basis points to 1.61 percent, and the one-year rate remained flat at 2.004 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.