(Yicai Global) Nov. 20 -- The Shanghai Interbank Offered Rates went in both directions today, with short-term lending becoming considerably cheaper.

 The overnight SHIBOR was down 44.4 basis points at 1.8990 percent, while the one-week rate slid 11.4 bips to 2.4970 percent. The two-week rate also fell 18 bips to 2.5700 percent.

The three-month rate also slid 0.1 bip to 3.0320 percent, but the rate for one-month loans climbed 0.4 bip to 2.7950 percent.

China's central bank skipped open market operations today, leaving liquidity in the monetary system unchanged. "Liquidity in the monetary system is already reasonably ample," the People's Bank of China said in a statement explaining the decision.

China's National Interbank Funding Center, an institute under the central bank, cut its benchmark loan prime rate for both one-year and five-year loans by 5 basis points today, in order to cut funding costs for the real economy.