BEIJING - The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 3.9 basis points to 1.789 percent Wednesday.

The seven-day rate dropped 7.6 basis points to 1.889 percent, the one-month rate edged down 0.3 basis points to 2.265 percent, and the one-year rate rose 0.6 basis points to 2.536 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.