BEIJING, April 17 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 11.5 basis points to 2.998 percent Wednesday.

The seven-day Shibor rose 0.1 basis points to 2.788 percent, while the two-week rate was up 1 basis points to 2.992 percent.

The one-month Shibor increased 2 basis points to 2.779 percent, with the three-month rate up 1.3 basis points to 2.787 percent, and the six-month rate up 0.8 basis points to stand at 2.861 percent.

The nine-month rate went up 1.3 basis points to 2.96 percent, and the one-year rate was up 1.4 basis points to 3.091 percent.

Shibor is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank RMB lending rates offered by the price quotation group of 18 commercial banks with a high credit rating, with the four highest and four lowest quotations excluded.