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China's overnight Shibor interbank rate drops Wednesday

2019-10-09 13:00

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BEIJING, Oct. 9 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, plunged 42.5 basis points to 2.202 percent Wednesday.

The seven-day Shibor fell 6.1 basis points to 2.627 percent. The one-month rate went down 2.6 basis points to 2.728 percent, while the one-year rate edged down 0.1 basis points to 3.047 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.
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