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SHIBOR

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

Summary:

SHIBOR is the Shanghai Interbank Offered Rate, which is the short-term capital lending rate between banks.
 
1 Introduction
    Shanghai BankThe interbank interest rate (Shanghai Interbank Offered Rate, referred to as Shibor) is an arithmetic average interest rate determined by the RMB inter-bank lending rate independently quoted by a bank with a higher credit rating. It is a simple interest-free and unsecured wholesale interest rate [1 ]. At present, the Shibor varieties released to society include overnight, 1 week, 2 weeks, 1 month, 3 months, 6 months, 9 months and 1 year.
Shibor quote bank group now consists of 18 commercial banks. Quote Bank is an open market dealer or foreign exchange market maker, RMB trading in China's currency market is relatively active, more adequate disclosure of information banks. The People's Bank of China set up a Shibor working group to identify and adjust quoted bank members according to the Shibor Implementation Guidelines, supervise and manage Shibor operations, and regulate quotations and designated publishers. National BankInterbank Lending CenterAuthorized Shibor Quote Calculation and Information Release. Each trading day according to the quotations of each quotation line, excluding the highest and lowest four quotes, the other quotes arithmetic arithmetic average, get the Shibor varieties of each term, and released at 11:30.
 
2, the role
Shibor promotes the rapid growth of the money market.
In 2007, the total amount of transactions in the interbank market totaled 71.3 trillion yuan, up 32.2 trillion yuan or 82% over the previous year. Among them, the total lending transactions 10.6 trillion yuan, up 395% over the previous year; repo transactions total 44.1 trillion yuan, an increase of 68%, both hit a record high. Loan exchanges with quoted prices account for 94% of the total, repurchase transactions account for 80%. A total of 190.4 billion yuan was traded in mid-term and long-term lending and repurchase transactions, an increase of 101% over the previous year. All of the key deadline points were traded, making up for the long-term gap in the money market.
Currently, Shibor and the development of the money market have formed a benign and interactive pattern. Shibor is widely used in the pricing of market-based products.
First, Shibor's guidance on the pricing of bond products continues to grow. In 2007, a total of 99 billion yuan of floating rate bonds with a benchmark of Shibor were issued, and short-term financing bills of 137.6 billion yuan, accounting for 18%, 41% and 97% of the total respectively.
Second, the financial innovation products based on Shibor are actively traded. 28.5 billion yuan of interest rate swap, forward interest rate agreement of 1.05 billion yuan, interbank borrowings, interbank deposits andFinancial productAbout 130 billion yuan.
Third, the transfer of notes, repurchase operations initially established a market-based pricing mechanism based on Shibor.
Fourth, the price of the transfer of funds within the transfer price has been varying degrees of integration with Shibor. Financial markets are forming a pricing base based on Shibor, and the relationship between various interest rates is increasingly reasonable and clear.
 
3, historical data
On June 20, 2013, the overnight Shibor interest rate hit a record high of 13.444%

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