Hong Kong interbank rates rise across curve

Hong Kong interbank offered rates rose across the board on Tuesday, marking their first broad-based increase in nearly two weeks.

The mortgage-linked one-month rate rebounded to 3.128 percent, rising more than 15 basis points and snapping a two-day decline.

Short-dated rates led the increases. The overnight HIBOR jumped more than 26 basis points to 1.994 percent, extending its advance to a third straight session and hitting its highest level in over a week. One-week and two-week rates each climbed by more than 30 basis points.

Longer tenors also firmed. The two-month rate and the benchmark three-month HIBOR — a key indicator of banks' funding costs — both rose above 3 percent to 3.0896 percent, gaining more than 10 basis points. The increases ended four consecutive days of declines and marked their highest levels in about two weeks.