Hong Kong's composite interest rate fell to 0.79% at the end of April from 0.98% at the end of March, the territory's Monetary Authority announced on Monday.
Following a drop of 37 basis points in March, the 19-basis-point decline in
the April composite interest rate reflected falls in short-term interbank and
time deposit rates, which offset the modest rise in funding cost for deposits
with maturity over one month, while savings deposit rates were unchanged.
Monetary Authority Deputy Chief Executive Peter Pang commented on Monday that the average
cost of funds has dropped in recent months along with the fall in US interest
rates.
He expects the composite interest rate will continue to be affected by changes
in US interest rates and domestic liquidity conditions.
In April local interbank offering rates fell up to 32 basis points for funds
with maturity of one month or less, while those for funds with maturity over
one month rose up to 53 basis points.
Past data of the composite interest rate is available from the HKMA's Monthly
Statistical Bulletin.
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