USD/HKD Rises To 7.8413/42 As CNH Softens

The Hong Kong dollar was quoted at 7.8413/42 against the U.S. dollar, while the U.S. dollar was quoted at 6.7216/24 against the yuan, according to ETNet. The one-year non-deliverable forward for the yuan was quoted at 6.5737/5818, narrowing its discount to spot to 1,443 points. ETNet also listed Hong Kong interbank offered rates, with overnight at 2.9400%, one week at 2.9300%, two weeks at 2.8300%, one month at 2.8600%, two months at 2.9500%, three months at 3.0300%, six months at 3.2100% and one year at 3.5300%. ETNet reported that major banks' best lending rates in Hong Kong were 5.0% at Bank of China (Hong Kong), Hang Seng and HSBC; 5.25% at Bank of East Asia, CMB Wing Lung, Dah Sing, ICBC Asia, Shanghai Commercial Bank, Standard Chartered and Bank of Communications; 5.375% at Fubon and CCB; 5.55% at CMB International, Chiyu, Chong Hing, Citibank, DBS, Nanyang Commercial Bank, Public Bank, and virtual banks ZA Bank, Airstar and PAObank; 5.75% at OCBC; and 6.375% at virtual bank WeLab.