BEIJING - The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 31 basis points to 2.052 percent Friday.

The seven-day rate rose 1.4 basis points to 2.211 percent, the one-month rate went up 0.9 basis points to 2.399 percent, and the one-year rate edged up 0.2 basis points to 2.953 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.