China's overnight Shibor interbank rate increases Wednesday

BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 35.2 basis points to 2.022 percent Wednesday.

The seven-day rate edged up 0.2 basis points to 2.15 percent, the one-month rate went up 2.3 basis points to 2.1 percent, and the one-year rate rose 3.6 basis points to 2.516 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.