China’s overnight Shibor interbank rate decreases Thursday

The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 3.5 basis points to 1.608 percent Thursday. The seven-day rate dropped 3.5 basis points to 1.838 percent, the one-month rate went down 0.5 basis points to 1.825 percent, and the one-year rate dropped 0.6 basis points to 1.926 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. Enditem Source: The Namibia News Agency