China's overnight Shibor interbank rate rises Tuesday

BEIJING, Aug. 13 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, rose 3.8 basis points to 2.667 percent Tuesday.

The seven-day Shibor rose 4.7 basis points to 2.703 percent. The one-month rate edged up 2.5 basis points to 2.613 percent, while the one-year rate increased 0.3 basis points to 3.0785 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.