China's overnight Shibor interbank rate increases Thursday

BEIJING, Sept. 1 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 6.2 basis points to 1.463 percent Thursday.

The seven-day rate dropped 28.3 basis points to 1.497 percent, the one-month rate edged down 0.1 basis points to 1.5 percent, and the one-year rate edged down 0.2 basis points to 1.972 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.