Overnight CNH rates hit 105%

Ivan Delgado Independent Analyst

The CNH Hong Kong interbank offered rate (HIBOR) hit a new high at a whopping 105% earlier this Friday, representing a prohibitive rate charged by lenders in Hong Kong to borrow offshore yuan overnight. There has been speculation that the huge increase in borrowing costs is likely due to an intervention campaign by the People’s Bank of China (PBOC) to support the yuan.

Author

Ivan Delgado

Independent Analyst

Established in the Asian continent since 2009, Ivan studied a degree in Business at the University Pompeu Fabra (Barcelona), while also earning a postgraduate degree in Business Administration.

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