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ECONOMY | Tony Chua, Hong Kong

Hong Kong’s composite interest rate surges to 0.24%

Upward adjustments of the weighted deposit rate and interbank rates prompted the surge.

The composite interest rate increased by four basis points to 0.24% at the end of March, from 0.2% at the end of February, the Monetary Authority announced Tuesday.

The rise reflected upward adjustments of the weighted deposit rate and interbank rates.

During March, Hong Kong Interbank Offered Rates with maturities of one week or longer increased by one to six basis points, while the overnight HIBOR remained steady.

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