BEIJING, April 15 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, edged down 0.1 basis points to 1.716 percent Monday.

The seven-day rate dropped 2.3 basis points to 1.8 percent, the one-month rate went down 1.3 basis points to 2.01 percent, and the one-year rate dropped 2.9 basis points to 2.18 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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