Hitting the buffers
Report Date: 20th April, 2023 HKD interest rates have dropped far below Fed-set USD rates in this cycle. Under a currency board system, that can’t go on forever. With the HKD again at the weakest point of its permissible band and interbank liquidity buffers eroding fast, we expect to see HIBOR rates move sharply higher. That’s bad news for HK real estate and equities.
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