Shanghai interbank rate at two-month high

Business | Reuters and Dominique Nguy 23 May 2017

The one-year Shanghai Interbank Offered Rate rose to 4.3024 percent yesterday, up 0.99 basis point from the previous day - the highest in two months.

It is also the first time one-year SHIBOR climbed above the one-year prime loan rate of 4.3 percent.

One-year SHIBOR has been on the uptrend for a month, and has risen about 10 basis points so far. Meanwhile, five- month SHIBOR adjusted downward slightly, but rates for mid-to-long term are still on the rise. The three-month and six-month SHIBOR maintained their inverted status with one-year SHIBOR since the beginning of this year.

The three-month rate was 4.4744 percent, and the six month rate 4.4148 percent on Monday.

An analyst from a bank in Shanghai said costs of capital between banks might remain high, and pointed out that the process of deleveraging continues in the short term.

SHIBOR is the reference rate based on the interest rate at which banks offer to lend funds to other banks in the Shanghai interbank market.

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