BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 3.7 basis points to 2.051 percent Tuesday.

The seven-day rate rose 1.1 basis points to 2.211 percent, the one-month rate went up 3.2 basis points to 2.468 percent, and the one-year rate rose 1.7 basis points to 2.982 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.