SHIBOR

SHIBOR SHIBOR (abbreviation for Shanghai Interbank Offered Rate) is the Shanghai Interbank Offered Rate, i. e. the rate at which banks are willing to lend unsecured funds in RMB with different maturities.

In total, the rate is determined for 8 maturities:

• Overnight (O/N SHIBOR)
• 1 week (1W SHIBOR)
• 2 weeks (2W SHIBOR)
• 1 month (1M SHIBOR)
• 3 months (3M SHIBOR)
• 6 months (6M SHIBOR)
• 9 months (9M SHIBOR)
• 1 year (1Y SHIBOR)

The SHIBOR rate is calculated from rates quoted by 18 commercial banks:

• ICBC
• Agricultural Bank of China
• Bank of China
• China Construction Bank
• Bank of Communications
• China Merchants Bank
• CITIC Bank Corporation
• China Everbright Bank
• Industrial Bank
• Shanghai Pudong Development
• Bank of Beijing
• Bank of Shanghai
• HSBC Bank
• Hua Xia Bank
• China Guangfa Bank
• Postal Savings Bank of China
• China Development Bank
• China Minsheng Banking

4 maximum and minimum offered rates are eliminated from the list, the remaining ones are averaged by a simple mathematical average to 4 decimal places.

The rate is published on a daily basis at 11:00 CST (China Standard Time) and is based on the Actual/360 Basis.

SHIBOR is used in China’s domestic bond market as a benchmark for placement or the reference rate for floating coupon securities. It can be a simple SHIBOR rate (e.g. Ping An Bank, FRN 6jan2022, CNY) or its average values for a certain period (e.g. Jining City Urban Construction Investment, 6.8% perp, CNY).