BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 38.1 basis points to 1.364 percent Friday.

The seven-day rate dropped 2.6 basis points to 1.98 percent, the one-month rate went down 2.7 basis points to 2.011 percent, and the one-year rate rose 0.8 basis points to 2.376 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.