Hong Kong's overnight offshore yuan HIBOR has surged to 8.10273%, marking the highest level since June 30, 2021. This rise follows a previous increase to 5.91894%, the highest since November 19, 2024. The spike in borrowing costs comes amid China's issuance of record offshore bills and a widening yield discount compared to the United States, which is further complicating efforts by the central bank to stabilize the yuan. The current economic environment has intensified focus on currency support measures as the yuan remains under pressure.