The Asia Global Payment Summit. Bali, Indonesia. 10-11 October 2019

Shanghai Interbank Offered Rate

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The Shanghai Interbank Offered Rate (上海银行间同业拆放利率, SHIBOR) is the daily average interest rate for unsecured loans on the Shanghai wholesale money market based on quotes provided by a total of 18 designated commercial banks (referred to as panel banks).

The National Interbank Funding Center in Shanghai prepares a total of eight Shibor rates, covering maturities of overnight, one week, two weeks, one month, three months, six months, nine months and one year.

NIFC determines SHIBOR each trading day by removing the two highest and the two lowest quotes that are provided by the 18 panel banks via a private network, and calculating the average of the 14 remaining quotes.

Where more than two banks have quoted the maximum or minimum rate, the NIFC system will still only remove two quotes.

NIFC’s system automatically commences calculation of SHIBOR at 11:20 a.m. each trading day, before issuing them publicly at 11:30 a.m via its official website.

The People’s Bank of China has established a SHIBOR work team, which determines and adjusts the group of panel banks in accordance with the “Shanghai Interbank Offered Rate Implementation Standards” (上海银行间同业拆放利率(Shibor)实施准则), as well as oversees and manages its operation.

The 18 panel banks currently include:

  • The Agricultural Bank of China
  • Bank of Beijing
  • The Bank of China
  • The Bank of Communications
  • Bank of Shanghai
  • China CITIC Bank International
  • China Construction Bank
  • China Development Bank
  • China Everbright Bank
  • China Merchants Bank
  • China Minsheng Banking Corporation
  • Guangdong Development Bank
  • Huaxia Bank
  • HSBC
  • Industrial Bank (China)
  • Industrial and Commercial Bank of China
  • Postal Savings Bank
  • Shanghai Pudong Development Bank
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