CIROR (CFETS Interbank Reference Offered Rate) is calculated and announced by China Foreign Exchange Trade System. It is a simple-interest, no-guarantee, wholesale interest rate calculated based on the interbank lending rates offered by interbank market foreign currency lending panel banks which have high credit levels, strong pricing capabilities, and active market participation. Currently, the CIROR consists of one currency: USD, and 8 tenors including overnight, 1-week, 2-week, 1-month, 3-month, 6-month, 9-month and 1-year.

At 10:00AM (Beijing Time) each business day, USD CIROR of each tenor will be published after arithmetically averaging all the quotations of the panel banks, with two highest and two lowest quotations excluded.            

CIROR panel banks should sign The Interbank Market Foreign Currency Lending Panel Bank Agreement with CFETS to comply with the quotation rules, fulfill the obligations of panel bank, and accept the inspection and evaluation of CFETS when conducting foreign currency lending quotation business.