BEIJING, April 29 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, rose 53.7 basis points to 1.838 percent Friday.

The seven-day rate rose 12.6 basis points to 2.006 percent, the one-month rate went down 1.7 basis points to 2.125 percent, and the one-year rate dropped 1 basis point to 2.474 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. Enditem

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