Hong Kong dollar interest rates are all going down, with the one-month rate hitting a low of 1.33%, dropping for seven consecutive days.

In recent days, the Hong Kong dollar exchange rate has continued to weaken. On May 14th, it finally fell below the strong and weak boundary of 7.8, temporarily reaching a low of 7.8112 against the US dollar, the weakest since August 2nd last year. The latest rate is 7.8104, still 0.17% lower than the previous day's closing price. Hong Kong dollar interbank rates have all fallen, with the one-month interbank rate related to prime rates falling by 24 basis points to 1.32976%, the lowest since August 3rd, 2022, and falling for seven consecutive days. The overnight interest rate fell slightly to 0.03863%, the lowest since November 5th, 2021. The three-month interbank rate, reflecting the cost of bank funds, fell by about 23 basis points to 2.05083%, dangerously close to 2%, the lowest since July 25th, 2022. The six-month interbank rate is 2.54786%, while the one-year rate is 3.04429%, the lowest since July 19th, 2022, and June 20th, 2022, respectively. After the injection from the Hong Kong Monetary Authority, the total excess of the Hong Kong banking system is currently about 173.63 billion Hong Kong dollars.