BEIJING, July 26 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 7.5 basis points to 1.689 percent Friday.

The seven-day rate rose 4.2 basis points to 1.913 percent, the one-month rate went down 0.7 basis points to 1.848 percent, and the one-year rate dropped 0.6 basis points to 1.979 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.