SHIBOR - Shanghai InterBank OverNight Rate

Wikipedia:
The Shanghai Interbank Offered Rate (or Shibor, 上海银行间同业拆放利率) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Shanghai wholesale (or "interbank") money market. There are eight Shibor rates, with maturities ranging from overnight to a year. They are calculated from rates quoted by 16 banks, eliminating the two highest and the two lowest rates, and then averaging the remaining 12.

http://www.shibor.org/
google translation

Current Quote & Interactive Chart @ Bloomberg

Market Overview @ China Daily

2011/01/05 @ ZeroHedge:
Here is Morgan Stanley's explanation of what is happening in China:

SHIBOR surged: As multiple RRR hikes have started to take effect, market liquidity has become very tight. Compounded with the year-end liquidity shortage and heightened expectation of further rate hikes, large banks have almost stopped lending into the interbank market. In this context, the SHIBOR has surged in the past two weeks, with the 7-day, 1-month and 3-month rates jumping 269bps, 187bps, and 74bps, respectively.

2011-01-21 @ ZeroHedge:
Today, the 7 day SHIBOR (and repo rate) has just surged to new multi-year highs and has literally exploded from 2.5% to 7.3% in a few short days.