Hong Kong Monetary Authority buys US dollars in the market and interest rates on Hong Kong dollar loans are generally on the rise.

On July 11th, after the Hong Kong Monetary Authority entered the market to sell US dollars during the New York session, Hong Kong dollar interbank rates rose generally this morning. The one-month interbank rate related to property loans reported at 1.08191%, up 4.887 basis points, the highest since July 9th. The three-month interbank rate, reflecting the cost of bank funds, reported at 1.84857%, up 4.857 basis points. The overnight rate was at 0.08935%, up by 1.822 basis points. The one-week interbank rate dropped by 0.072 basis points, reporting at 0.32857%, while the two-week interbank rate increased by 1.678 basis points, reporting at 0.53714%. In terms of longer-term rates, the six-month and one-year rates increased by 3.023 basis points and 3.101 basis points respectively, reporting at 2.43458% and 2.92786%.