Hong Kong interbank rates rise; one-week Hibor climbs to highest in 16 years
12:01 am Friday, June 16th, 2023
By Georgina Lee
HONG KONG (Reuters) – Hong Kong interbank rates rose across all tenors on Friday, with the overnight interbank offered rate rising the most, climbing to the highest in four weeks.
The overnight Hong Kong interbank offered rate (Hibor) jumped 63.5 basis points (bps) to 4.88%. One-week Hibor rose 62 bps to 4.92%, highest in nearly 16 years.
One-month Hibor, the benchmark used in pricing residential mortgage loans, rose 21.8 bps to 4.97%, the highest since December 2022.
Hong Kong listed companies’ demand for Hong Kong dollars for dividend payments peaks in the three months to August and this could send interbank rates higher, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue said in an article published on the HKMA website on Wednesday.
(Reporting by Georgina Lee; Editing by Christopher Cushing)
