Hong Kong three-month HIBOR hits highest level this year - Reuters

The Hong Kong Interbank Offered Rate (HIBOR) or the interbank borrowing costs has jumped to 1.32071 - its highest level this year. The rise could be associated with the Hong Kong Monetary Authority's increased purchases of local dollars - an effort undertaken to narrow the gap or spread between the Libor and Hibor. 

The steep rise in LIBOR (London Interbank Offered Rate) and the widening LIBOR-HIBOR spread seems to be behind the Hong Kong dollar’s recent depreciation.