BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 41.7 basis points to 1.885 percent Wednesday.

The seven-day rate was up 29.8 basis points to 1.971 percent, The one-month rate went up 3.3 basis points to 1.455 percent, and the one-year rate was up 2.5 basis points to 1.826 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.