BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 1.2 basis points to 2.199 percent Thursday.

The seven-day rate went up 0.8 basis points to 2.319 percent, the one-month rate increased 0.3 basis points to 2.312 percent, and the one-year rate stayed the same at 2.7 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.