This paper studies the term structure of 7-,30-,60-day China interbank offered rates(CHIBOR) using weekly data spanning 1996-1-1—2003-7-21.One interesting finding is that there exists a structural change on the China interbank offered rates during the sample period.The expectation hypothesis(EH) is supported by data prior to the Asia financial crisis.But expectation hypothesis is soundly rejected by data after the Asia financial crisis.