BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 37.9 basis points to 1.775 percent Tuesday.

The seven-day rate dropped 5.9 basis points to 2.157 percent, the one-month rate went down 1.9 basis points to 2.682 percent, and the one-year rate edged up 0.1 basis points to 3.106 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.