BEIJING - The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, fell 3.3 basis points to 1.421 percent Tuesday.

The seven-day rate rose 0.7 basis points to 1.708 percent, the one-month rate went up 0.4 basis points to 1.877 percent, and the one-year rate rose 1.7 basis points to 2.349 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.