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Wednesday Sees Increase in China’s Overnight Shibor Interbank Rate

Beijing, January 03, 2024, The Europe Today: On Wednesday, the Shanghai Interbank Offered Rate (Shibor), indicative of China’s interbank market borrowing cost, witnessed a rise of 1.8 basis points, reaching 1.604 percent overnight. The seven-day rate saw an increase of 1.9 basis points, reaching 1.805 percent.

Meanwhile, the one-month rate experienced a decline of 4.4 basis points, settling at 2.354 percent, and the one-year rate decreased by 2.3 basis points to 2.509 percent.

Shibor, a straightforward wholesale interest rate, is computed by arithmetically averaging the interbank RMB lending rates provided by a group of 18 commercial banks with high credit ratings, excluding the four highest and four lowest quotations. These fluctuations in Shibor rates reflect the dynamics within China’s interbank lending market.