Overnight Hibor at three-month high as most rates rise

Most of the Hong Kong interbank offered rates went up on Monday, with overnight Hibor hitting a three-month high.

The overnight Hibor rose for three consecutive days, increasing 30 basis points to 0.569 percent.

At the same time, the one- and two-week rates both climbed about 26 to 35 bps, reaching 0.7991 and 0.8597 percent respectively.

The one-month Hibor – the benchmark used in pricing residential mortgage loans – bounced back to above 1 percent, rising nearly 11 bps to about 1.023 percent, its highest for a week.

In contrast, the three-month Hibor, which reflects the cost of bank funding, continued its slide – dropping for a seventh consecutive trade day to a one-month low of 1.703 percent.

HELEN ZHONG