BEIJING - The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 23.5 basis points to 1.69 percent Wednesday.

The seven-day rate went down 8.1 basis points to 2.062 percent, the one-month rate edged down 0.5 basis points to 2.281 percent, and the one-year rate rose 0.9 basis points to 2.846 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.