The Hong Kong Monetary Authority recently lent out funds to banks through the discount window, reaching a five-month high.

The overnight borrowing rate in the Hong Kong banking industry has risen to its highest level in nearly five months, indicating that a series of measures aimed at supporting the local currency may be having the desired effect on the money market. The Hong Kong Monetary Authority injected 46.7 billion Hong Kong dollars through its discount window on Tuesday, the highest amount since February. The overnight interbank lending rate has been hovering near zero, and the 1-month Hibor is at double the level it was at in mid-June. The Hong Kong Monetary Authority has made three purchases of Hong Kong dollars in a week in July to prevent the currency from falling below the weak-side exchange rate guarantee.