Hong Kong dollar HIBOR surges third successive day across tenors
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The Hong Kong dollar strengthened to the middle of its fixed trading range against the greenback for the first time since May, buoyed by stock inflows and a narrower interest-rate gap with the US https://t.co/jKdrB0jp20
The Hong Kong dollar strengthened to as high as 7.799 against the U.S. dollar on Tuesday, moving past the 7.80 mid-point of its long-standing 7.75–7.85 trading band for the first time since mid-May. The advance places the currency at its firmest level in more than three months. Traders attributed the move to renewed equity inflows and a narrowing interest-rate differential with the United States. Local funding costs have climbed, with Hong Kong Interbank Offered Rates rising for a third consecutive session across maturities, reducing the incentive to park funds in higher-yielding U.S. assets. While a firmer currency reduces pressure on the Hong Kong Monetary Authority to defend the weaker side of the peg, higher borrowing costs add strain to the city’s heavily leveraged property sector. Reuters data show real-estate developers face US$7.1 billion of bond redemptions in 2026, up roughly 70 percent from this year. Road King Infrastructure last week became the first Hong Kong-based developer to default since China’s property crisis erupted in 2021, underscoring the sector’s vulnerability to tighter liquidity.
