BEIJING - The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 9.5 basis points to 0.848 percent Thursday.

The seven-day rate was up 5.8 basis points to 2.607 percent, The one-month rate edged down 0.3 basis points to 2.996 percent, and the one-year rate edged down 0.3 basis points to 3.111 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.