The Hong Kong Dollar one-month and above interbank interest rates all fell, while the overnight interest rate slightly rose to 0.02917%.
The Hong Kong Dollar interbank offered rates for one month and above have been decreasing across the board. Among them, the one-month rate has dropped for three consecutive days, reaching 0.52452%, the lowest since June 15, 2022.
The Hong Kong dollar one-month interbank rate has been falling across the board, with the one-month rate dropping for three consecutive days to 0.52452%, the lowest since June 15, 2022. The three-month interbank rate, which reflects the cost of bank funds, has fallen to 1.55566%, the lowest since May 30. The six-month interbank rate is at 2.30042%, the lowest in two weeks, while the one-year rate has dropped to 3%, at 2.99685%. However, the overnight rate has slightly increased to 0.02917%, the highest since May 30.
The Hong Kong dollar temporarily reached a low of 7.8499 today, and is currently at 7.8496, still close to the weak-side exchange rate guarantee level. Analysts point out that although the Hong Kong dollar touched the 7.85 level yesterday, it was only a nominal price and was not accepted, so the Hong Kong Monetary Authority did not need to enter the market to support it. The Hong Kong dollar is still very close to 7.85, so there is a good chance it will reach the weak-side exchange guarantee level again. Due to the wide spread between Hong Kong and US interest rates, arbitrage trading continues to be attractive, and it is believed that interbank rates will return to normal levels.
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