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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
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China Steps Up Yuan Intervention

Updated on

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.

Here’s what you need to know about the surge: