The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 1.6 basis points to 1.309 percent Thursday.

The seven-day rate rose 0.6 basis points to 1.714 percent, the one-month rate went down 0.7 basis points to 2.064 percent, and the one-year rate dropped 1.1 basis points to 2.42 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.

(Source: Xinhua)