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This is an archive article published on January 6, 2017

Hong Kong’s overnight yuan borrowing rate surges to near one-year high of 61 pct

Hong Kong’s overnight yuan borrowing rate rallied again on Friday to its highest in nearly a year, as traders scrambled to cover short positions on signs that China was stepping up its defence of the faltering currency. The CNH Hong Kong Interbank Offered Rate benchmark (CNH Hibor), set by the city’s Treasury Markets Association (TMA), […]

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Hong Kong’s overnight yuan borrowing rate rallied again on Friday to its highest in nearly a year, as traders scrambled to cover short positions on signs that China was stepping up its defence of the faltering currency.

The CNH Hong Kong Interbank Offered Rate benchmark (CNH Hibor), set by the city’s Treasury Markets Association (TMA), rose to 61.33300 percent for overnight contracts.

That was up 2299.8 basis points from Thursday’s fix of 38.33500 percent.

Friday’s fix was the highest since Jan. 12 last year, when it was set at 66.81500.

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