Interbank fixing repo rate is a benchmark rate based on repo trading rate for interbank market between 9:00-11:30 a.m. every trading day, and the calculation method is compiled with international experience. Repo Rate is released to the public at 11:30 a.m. on each trading day.Fixing repo rate comprises FR001, FR007, FR014, FDR001, FDR007 and FDR014. Among fixing repo rate,FDR001, FDR007 and FDR014 are fixing depository-institutions repo rate.
The calculation method of FR001, FR007 and FR014 is as followed:

I. It is calculated based on all trading rates of overnight repo (R001), 7-day repo (R007), and 14-day repo (R014) between 9:00-11:30 a.m. (including 9:00 a.m. and 11:30 a.m.) on each trading day. In particular, if some transactions have the same counterparty and trading rate (same or opposite transaction direction), only one transaction will be selected in the samples.  

II. Sort overnight repo rate, 7-day repo rate, and 14-day repo rate respectively in ascending order.  The maximum sequence number of sorting order is N, and the interest rate at the [N/2] (round down)+1 location shall be the fixing rate of that day.     

III. Overnight fixing repo rate, 7-day fixing repo rate, and 14-day fixing repo rate are respectively flagged as FR001, FR007, and FR014. 

IV. Treatments of Abnormal Cases
If there are no transaction data between 9:00-11:30 a.m., the corresponding period Shibor*365/360 will be taken as fixing rate of that day.

Samples of fixing depository-institutions repo rate (FDR001, FDR007 and FDR014) are repo transactions which are pledged treasury bonds, central bank papers, policy bank bonds by depository-institutionsin interbank market between 9:00-11:30 a.m. every trading day. 

I. Depository-institutions include policy banks, large commercial banks, joint stock commercial banks, urban commercial banks, rural commercial banks &co-operative banks, foreign-funded banks, rural credit co-operatives and rural banks, etc. 

II. It is calculated based on all trading rates of overnightdepository-institutions repo (DR001), 7-day depository-institutions repo (DR007), and 14-daydepository-institutions repo (DR014) between 9:00-11:30 a.m. on each trading day. In particular, if some transactions have the same counterparty and trading rate (same or opposite transaction direction), only one transaction will be selected in the samples. 

III. Sort overnightdepository-institutions repo rate, 7-daydepository-institutions repo rate, and 14-daydepository-institutions repo rate respectively in ascending order.The maximum sequence number of sorting order is N, and the interest rate at the [N/2] (round down)+1 location shall be the fixing depository-institutions repo rate of that day. 

IV. Overnight fixing depository-institutions repo rate, 7-day fixing depository-institutions repo rate, and 14-day fixing depository-institutions repo rate are respectively flagged as FDR001, FDR007, and FDR014. 

V. Treatments of Abnormal Cases 

If there are no transaction data between 9:00-11:30 a.m., the corresponding period Shibor*365/360 will be taken as fixing depository-institutions repo rate of that day.