Yuan Borrowing Rate Surges in Hong Kong: What You Need to Know

  • Overnight rate jumps to 66%, five times previous high
  • PBOC intervention drains currency from the offshore market

China Steps Up Yuan Intervention

Hong Kong Interbank Offered Rates for yuan loans jumped by records to all-time highs across all tenors Tuesday as intervention by China to support its exchange rate tightened the currency’s supply in the offshore market.

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