Hong Kong dollar hits seven-month low on Wednesday ahead of the US Federal Reserve meeting

Hong Kong dollar once hit a seven-month low on Wednesday ahead of the US Federal Reserve meeting, with Hong Kong interbank offered rates moving in mixed directions.

Hong Kong dollar weakened to 7.8388 against the US dollar before steadying at 7.8377.

The one-month Hibor, which is closely tied to mortgage rates, fell by about 1 basis point to 2.07298 percent.

For short-term Hibor rates, the overnight rate fell by about 5 basis points to 1.4406 percent; the 1-week rate dropped by 6 basis points to 1.57911 percent; the 2-week rate rose by 17 basis points to 1.94595 percent.

For medium-to-long-term Hibor rates, the 3-month rate edged down slightly to 2.34 percent; the 6-month rate was unchanged at 2.60268 percent; the 1-year rate rose by 1 basis point to 2.82607 percent.