Hong Kong Yuan Interbank Rates Fall Further From Record Highs
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The cost of borrowing yuan in Hong Kong fell for a second day on speculation funds are returning after China’s intervention in the offshore currency market soaked up cash and pushed up interbank rates to records.
The overnight Hong Kong interbank offered rate declined 4.7 percentage points to 3.61 percent on Thursday and the one-week rate dropped one percentage point to 10.96 percent. The one-day rate had jumped to an all-time high of 66.82 percent on Tuesday.