Hong Kong dollar interbank interest rates stop falling for six consecutive months, and overnight rates hit a new three-week high.

On September 20th, the Hong Kong dollar interbank interest rates continued the trend of short-term rise and long-term fall. The overnight interbank rate rose by nearly 40 basis points, reaching 3.495%, a new high in nearly three weeks. The one-month interbank rate related to mortgage loans also ended a six-week decline, rising from a 16-month low to 3.64548%. The one-week interbank rate rose by 30 basis points to 3.48857%, but the three-month interbank rate, which reflects the cost of bank funds, continued to decline, further dropping to 3.87833%, the lowest since May 2, 2023. As for longer-term rates, the six-month and one-year rates decreased to 3.91512% and 3.93304% respectively.