June 13, 2019 / 4:07 AM / 6 months ago

Hong Kong interbank rates scale decade highs after street protests

HONG KONG, June 13 (Reuters) - The Hong Kong Interbank Offered Rate (HIBOR) rose across the curve on Thursday, reflecting pressure on cash levels in the city after Wednesady’s heated street protests.

Three-month HIBOR shot up to 2.56%, its highest since November 2008. One-month HIBOR hit 2.63%, standing at its highest since October 2008.

The two-week tenor is at its highest in more than eight months, while its six-month counterpart climbed to its firmest level so far this year.

Protesters against the controversial extradition legislation clashed with police on Wednesday, causing a spike in HIBOR rates and sending Hong Kong stocks lower.

The Hong Kong Monetary Authority, the city’s central bank, told Reuters on Wednesday that money markets and the local currency were operating in a normal manner.

Protesters returned to the streets Thursday morning while government offices remained shut and security stayed tight.

Reporting by Noah Sin Editing by Jacqueline Wong

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