The overnight Hong Kong Interbank Offered Rate (HIBOR> shot up nearly 92 basis points to 4.4381 per cent, its highest since December 2019.
One-week HIBOR rose about 48 bps to 4.10952 per cent and one-month HIBOR hit its highest since January at 4.15762 per cent. The Hong Kong dollar rose to its highest since the middle of February at 7.8325 per dollar. Hong Kong rates are tethered to the U.S. by the Hong Kong dollar's peg to the U.S. dollar, and have been rising for a few weeks.
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