Central Banks
Hong Kong’s Key Borrowing Rate Surges to Highest Since 2008
- Three-month Hibor may rise to 2.93% in 1Q 2023: DBS Bank
- Offshore yuan swaps into Hong Kong dollar may lift Hibor: OCBC
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A gauge of Hong Kong’s interbank borrowing costs surged to the highest level in 14 years, tracking rising global rates amid expectations of aggressive rate hikes by major central banks.
The three-month Hong Kong interbank offered rate climbed three basis points to 2.68%, the highest since the 2008 global financial crisis. DBS Bank Ltd., OCBC Wing Hang Bank Ltd and Mizuho Bank Ltd expect the gauge to rise further even after it posted a record 11 straight month of gains.