Hong Kong Interbank Rates Rise, Dollar Softens Against US Dollar

The Hong Kong dollar overnight HIBOR rose to 4.1% at 11:15 a.m., up from 3.42% at the previous close, while the one-week rate was unchanged at 3.23%, according to ETNet. The one-month HIBOR was 2.85%, the two-month rate 2.95%, the three-month rate 3.02%, the six-month rate 3.23% and the one-year rate 3.51%. The Hong Kong dollar was quoted at 7.8378/8408 per US dollar, while the yuan was quoted at 6.7212/7219 per US dollar. The one-year offshore yuan non-deliverable forward was quoted at 6.5810/5892, implying a discount of 1,365 points versus spot.