HK's composite interest rate nudges up

Hong Kong's composite interest rate nudged up from 3.05 percent in August to 3.06 percent in September, which followed a fall of six basis points in the composite interest rate in August, Hong Kong Monetary Authority said Thursday.

The one basis-point increase in the average cost of funds in September was attributable to the mild rise of short-term interbank rates, the authority said.

The composite interest rate has grown by 282 basis points since the current up-cycle of U.S. interest rates started in mid-2004. Hong Kong banks' best lending rates have risen between 300 and 325 basis points.

In September, the Hong Kong Interbank Offered Rate with maturity of less than one month rose by 2 to 14 basis points, while those for funds with maturity of over one month dropped by 7 to 16 basis points.

Source: Xinhua