Hong Kong dollar interest rates are rising across the board, with the one-month interbank offered rate at 0.85875%, reaching a new weekly high.

On July 4th, the Hong Kong dollar interbank rates all went up, with the overnight rate at 0.02982%, up 0.943 basis points, the highest since June 27th; the one-week and two-week rates increased by 19.702 and 18.232 basis points respectively, to 0.39452% and 0.5075%; the one-month interbank rate related to the property sector was at 0.85875%, up 14.625 basis points, the highest since June 26th. The three-month interbank rate, reflecting the cost of bank funds, was at 1.78435%, up 8.435 basis points, the highest since May 21st. The six-month and one-year rates increased to 2.38048% and 2.9231% respectively. In the foreign exchange market, the Hong Kong dollar once again touched the weak side of the trading band at 7.85 against the US dollar, and the Hong Kong Monetary Authority intervened twice during the New York trading session on Thursday, selling a total of 29.634 billion Hong Kong dollars. The aggregate balance of the banking system in Hong Kong will decrease to 114.541 billion Hong Kong dollars on July 7th.