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But thanks to the launch of Shibor and the potential to develop it into a market-sensitive benchmark, the central bank would have a new means of exerting indirect adjustments.

It could rely on an open market operation to realize the change in benchmark rates, so as to influence the rates level in the whole market, Yuan added.

The new rate will aid the development of the interest rate derivatives market.

Some analysts proposed that the central bank strengthen the importance of Shibor so dealers would accept it, but others expressed concern that China's credit environment could endanger the success of the benchmark.

"Interbank lending is mainly credit loans, so the promotion of Shibor is a great test of China's feeble financial credit system," an analyst with Fudan University told China Daily.

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