HONG KONG : Hong Kong dollar interbank rates could catch up with, or even overshoot their U.S. dollar counterparts as companies' demand for the local currency for dividend payments peaks in the three months to August, the head of the city's central bank said. This is a seasonal factor unique to Hong Kong
HONG KONG : Hong Kong dollar interbank rates could catch up with, or even overshoot their U.S. dollar counterparts as companies' demand for the local currency for dividend payments peaks in the three months to August, the head of the city's central bank said.
The peak season for dividend payments is usually in June to August. Such funding demand sends the Hong Kong dollar exchange rate higher, he said. "The possibility that HKD interbank rates will catch up with, or even overshoot, their USD counterparts on certain days cannot be ruled out," said Yue.The Hong Kong overnight interbank offered rate reversed two straight days of decline and rose to 3.88 per cent, the highest since May 30, after having peaked at nearly 5 per cent on May 19 at a nearly 16-year high.
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