Hong Kong Interbank Rates at Three-Month High After Brexit Vote

Hong Kong interbank borrowing costs have risen as the U.K.’s vote last week to leave the European Union roiled markets and made banks more cautious about lending to each other. The city’s three-month interbank rate had its biggest jump since January and is at the highest level since March. Tommy Ong, managing director for treasury and markets at DBS Hong Kong Ltd., said he doesn’t see a credit crunch developing because the aggregate balance, or funds in the city’s banking system, remains high.

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