Hong Kong interbank rates all fell, with overnight rates sharply dropping to 3.4139%, reaching a two-week low.

On May 6, the Hong Kong Monetary Authority continued to inject funds into the market, and Hong Kong dollar interest rates fell across the board today. Among them, the overnight rate fell sharply by nearly 89 basis points to 3.41393%, reaching a two-week low. The one-month interbank rate related to property mortgages also fell by 33 basis points to 3.65506%, also the lowest since April 22. The three-month interbank rate, reflecting the cost of bank funding, was 3.74119%, the lowest since May 2, 2023. The six-month and one-year rates also dropped to 3.81911% and 3.85488% respectively. The Hong Kong dollar exchange rate has been rising recently, touching the strong-side exchange rate guarantee level of 7.75 several times. This prompted the Hong Kong Monetary Authority to inject a total of 116.614 billion Hong Kong dollars into the market according to the linked exchange rate mechanism, increasing the banking system's surplus to 161.384 billion Hong Kong dollars tomorrow (7th).