(Yicai Global) May 20 -- China's central bank skipped open market operations today and the short-term Shanghai Interbank Offered Rate rose.

The People's Bank of China said liquidity has been at a reasonably sufficient level while no reverse repos are due today.

Shanghai's interbank borrowing costs increased today. The overnight Shibor rose 45.05 basis points to 2.5845 percent. The seven-day Shibor climbed 8.90 points to 2.6780 percent and the 14-day rate went up 19.50 points to 2.6890 percent.

A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, lead to liquidity released to market.

Editor: William Clegg