Overnight rates fell below 3%, with one-month rates hitting almost a seven-week low.

After the quarterly closing date, Hong Kong Dollar interbank interest rates fell across the board. Overnight interbank interest rates dropped sharply by 95 basis points to 2.9%, hitting a three-week low. The one-month interbank interest rates related to property mortgages also fell for four consecutive days, reaching 3.6256%, the lowest since February 12th. One-week interbank interest rates fell for three consecutive days, reaching 3.33702%. The three-month interbank interest rates, reflecting the cost of bank funds, fell for four consecutive days, reaching 3.83131%, the lowest since February 14th. The six-month and one-year rates also fell to 3.9481% and 4.03387% respectively.