China's overnight Shibor interbank rate decreases Sunday

The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 23 basis points to 1.202 percent Sunday.

The seven-day rate dropped 6.1 basis points to 1.854 percent, the one-month rate went down 0.8 basis points to 2.264 percent, and the one-year rate edged down 0.4 basis points to 2.577 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.