Hong Kong’s overnight interbank offered rate climbed above 4% on 29 August, the first time it has crossed that threshold since 2 May. The move signals a notable tightening in short-term Hong Kong dollar funding conditions. The overnight HIBOR also logged its largest monthly rebound on record, according to market data released Friday. The sharp upswing underscores heightened volatility in the city’s money markets as August draws to a close.