A gauge of interbank borrowing costs in Hong Kong dropped for the first time in 13 sessions as local stocks retreated following a rally fueled by China’s stimulus blitz.
The one-month Hong Kong Interbank Offered Rate fell 19 basis points to 4.42% on Wednesday. The rate had been on the rise as demand for the local currency increased as Beijing’s stimulus measures boosted the demand for “everything” related to China.
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