Hong Kong interbank rates deepen slide
SINGAPORE, Sept 13 (Reuters) -Hong Kong interbank borrowing rates slid on Friday to hit milestone lows at tenors from overnight to one year, as investors anticipate U.S. rate cuts beginning next week.
The overnight Hong Kong Interbank Offered Rate (HIBOR)HIHKDOND= fell 14.5 basis points to a one-year low of 2.6531%.
One-year HIBOR HIHKD1YD= fell 4 bps to a two-year low of 4.07649% and tenors in between all dropped. HIBOR=
Hong Kong rates are tethered to the U.S. via the Hong Kong dollar's peg to the greenback and have been falling for months as investors expect U.S. interest rate cuts. They also reflect domestic cash conditions which have been flush as investors find few opportunities in a stock market that lags global peers.
The Hong Kong dollar HKD=D3 traded around the middle of its band at 7.7983 per U.S. dollar.
Offshore yuan rates in Hong Kong's interbank market have also headed lower as yuan deposits swell, with one-year CNH HIBOR HICNH1YDF= this week touching its lowest level recorded in data stretching back to 2013.
Reporting by Tom Westbrook; Editing by Christopher Cushing
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