(MENAFN) The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank marketplace, dropped 37.9 basis points to 1.775 percent on Tuesday, March 2nd .
The seven-day ratio fell 5.9 basis points to 2.157 percent, the one-month rate fell 1.9 basis points to 2.682 percent, and the one-year rate increased 0.1 basis points to 3.106 percent.
Shibor is an easy, no-guarantee, wholesale interest rate computed by arithmetically averaging all the interbank RMB lending rates provided by the price quotation group of 18 commercial banks with a high credit rating, with the four uppermost and four lowest quotations eliminated.
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