Hong Kong interbank rates surge, one-month Hibor jumps nearly 30 basis points

Short-term rates rose sharply, with overnight Hibor up 31.82 basis points to 4.45 percent, while the one-week and two-week tenors jumped 39.69 basis points to 4.70 percent and 34.95 basis points to 4.63 percent, respectively, data from the Hong Kong Association of Banks showed.

Medium- and longer-term Hibor rates also increased. The two-month rate gained 20.45 basis points to 3.76 percent, the three-month rate – a key gauge of bank funding costs – rose 18.11 basis points to 3.74 percent, while the six-month and twelve-month rates climbed 7.47 and 2.63 basis points to 3.50 percent and 3.42 percent.

STAFF REPORTER