BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 7.5 basis points to 2.123 percent Thursday.

The seven-day rate rose 4.3 basis points to 2.1 percent, the one-month rate went up 3 basis points to 2.023 percent, and the one-year rate rose 1.9 basis points to 2.285 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.