Money Channel> Banking Financial Wikipedia> SHIBOR


Edit: Financial 360 finishing Source: Fusion 360 Date: 2014-03-24


SHIBOR is the Shanghai Interbank Offered Rate, which is the short-term capital lending rate between banks.
1 Introduction
    Shanghai BankThe Shanghai Interbank Offered Rate (Shibor) is an arithmetic average interest rate determined by the bank's self-reported interbank interest rate determined by banks with higher credit ratings. It is a single interest, unsecured, and wholesale interest rate [1 ]. At present, Shibor breeds announced to the society include overnight, 1 week, 2 weeks, 1 month, 3 months, 6 months, 9 months and 1 year.
Shibor's quotation bank group now consists of 18 commercial banks. Quoting banks are open market primary dealers or market makers in the foreign exchange market. They are relatively active in the Chinese currency market and have relatively full information disclosure. The People's Bank of China established the Shibor Working Group to determine and adjust the quotation of members of the banking group, supervise and manage the Shibor operation, regulate the quotation line, and specify the issuer’s behavior in accordance with the “Shibor Interbank Offered Interest Rate (Shibor) Implementation Guidelines”. National BankInterbank lending centerAuthorized Shibor's quotation calculation and information release. According to the quotes of each quotation line on each trading day, the highest and the lowest four quotation are excluded. After the arithmetic average calculation of the remaining quotation, the Shibor of each term is obtained and released at 11:30.
2, role
Shibor promoted the rapid development of the money market.
In 2007, the total transaction volume in the inter-bank market amounted to 71.3 trillion yuan, an increase of 32.2 trillion yuan over the previous year, or an increase of 82%. Among them, the total amount of lending transactions was 10.6 trillion yuan, an increase of 395% over the previous year, and the total amount of repurchase transactions was 44.1 trillion yuan, an increase of 68%, both reaching a record high. There were quotations and lending exchanges that accounted for 94% of the total, and repo transactions accounted for 80%. A total of 190.4 billion yuan in medium and long-term borrowing and repurchase transactions, representing an increase of 101% over the previous year, were traded at each of the key periods, making up for the long-term trading gap in the currency market.
At present, Shibor has formed a benign interaction with the development of the currency market. Shibor is widely used in market-oriented product pricing.
First, Shibor’s guidance on the pricing of bond products continued to increase. In 2007, a total of 99 billion yuan of floating-rate bonds based on Shibor and 133.6 billion yuan of short-term financing bonds were issued, which accounted for 18%, 41%, and 97% of the total market issuance.
Second, the financial innovation products based on Shibor are active. Interest rate swap 28.5 billion yuan, forward interest rate agreement 1.05 billion yuan, interbank borrowings, interbank deposits andFinancial productAbout 130 billion yuan.
The third is the initial establishment of a market-based pricing mechanism based on Shibor for the transfer of discounted bills and repurchase operations.
Fourth, the internal transfer price of the quotation line has been combined with Shibor to varying degrees. The financial market is forming a pricing group based on Shibor, and the relation between various interest rates has become more rational and clear.
3, historical data
On June 20, 2013, overnight Shibor interest rate hit a record high of 13.444%

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