BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 1.9 basis points to 2.18 percent Monday.

The seven-day rate rose 2.2 basis points to 2.227 percent, the one-month rate went up 0.5 basis points to 2.658 percent, and the one-year rate rose 1.5 basis points to 3.131 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.