BEIJING - The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 21.8 basis points to 1.57 percent Monday.

The seven-day rate dropped 19.3 basis points to 2.043 percent, the one-month rate went down 1.3 basis points to 2.282 percent, and the one-year rate stayed flat at 2.828 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.