The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, dropped by 18.3 basis points to 1.231 percent today. The seven-day rate dropped 5.3 basis points to 2.199 percent, the one-month rate went down 2.6 basis points to 2.093 percent, and the one-year rate fell 2.2 basis points to 2.491 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: The Standard March 16, 2020 03:56 UTC