China's overnight Shibor interbank rate increases Tuesday

BEIJING, Jan. 7 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 21.2 basis points to 1.215 percent Tuesday.

The seven-day rate raised 4 basis points to 2.259 percent, The one-month rate went down 4.7 basis points to 2.7 percent, and the one-year rate dropped 1 basis point to 3.04 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.