The cost of overnight borrowing in Hong Kong jumped past 5% for the first time this year, as cash conditions tightened further on quarter-end demand and an upcoming holiday.
The overnight Hong Kong Interbank Offered Rate jumped 130 basis points to 5.018% on Tuesday, the highest since December. That takes the total rise in the three months ended September to nearly 500 basis points, the most on record in Bloomberg data going back to 2006.