HONG KONG’S COMPOSITE INTEREST RATE RISES
The composite interest rate has risen three basis points to 0.42% at the end of June, from 0.39% at the end of May, the Monetary Authority said today.
The rise mainly reflected increases in the weighted funding cost for both deposits and interbank funds.
The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest bearing liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and Hong Kong dollar non-interest bearing demand deposits on the books of banks.
Data from retail banks, which account for about 90% of the total customers' deposits in the banking sector, are used in the calculation.
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