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ECONOMY | Tony Chua, Hong Kong

August composite interest rate up to 0.33%

The weighted deposit rate also climbed to 0.32%.

The composite interest rate rose two basis points from 0.31% in July to 0.33% at the end of August, the Monetary Authority said Monday.

HIBORs were steady during the month. The weighted deposit rate rose by three basis points to 0.32% in August.

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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