Summary of Key Points Core Viewpoint - The Hong Kong interbank offered rates (HIBOR) have generally decreased, with the overnight rate reaching its lowest level since August 6, indicating a potential easing in the cost of bank funding [1][2]. Interest Rate Movements - The overnight HIBOR is reported at 0.16423%, down by 2.994 basis points [1] - The one-week HIBOR decreased by 1.518 basis points to 0.33482% [1] - The two-week HIBOR remained unchanged at 0.5% [1] - The one-month HIBOR fell to 0.90893%, a decline of 4.309 basis points, marking its lowest level since August 6 [1] - The three-month HIBOR is at 1.6%, down by 2.893 basis points [1] - The six-month HIBOR increased slightly by 0.285 basis points to 2.21464% [1] - The one-year HIBOR decreased marginally by 0.071 basis points to 2.6431% [1]

Group 1 - The Hong Kong interbank offered rates (HIBOR) have generally decreased, with the overnight rate at 0.19417%, down by 7.857 basis points, marking the lowest since August 6 [1] - The one-week HIBOR fell by 7.964 basis points to 0.35%, while the two-week rate decreased by 0.214 basis points to 0.5% [1] - The one-month HIBOR, which is relevant to mortgage rates, is reported at 0.95202%, down by 0.691 basis points, also the lowest since August 6 [1] Group 2 - The three-month HIBOR, reflecting bank funding costs, is at 1.62893%, up by 0.214 basis points [1] - The six-month HIBOR decreased by 1.107 basis points to 2.21179%, and the one-year rate fell by 1.208 basis points to 2.64381% [1][2] - The rates for two months and three months are reported at 1.32917% and 1.62893% respectively [2]

Group 1 - The Hong Kong interbank offered rates (HIBOR) have generally decreased, with the one-month HIBOR at 0.95893%, down by 0.601 basis points, marking the lowest since August 6 [1] - The three-month HIBOR is reported at 1.62679%, down by 2.023 basis points [1] - The overnight HIBOR increased to 0.27274%, up by 7.131 basis points, the highest since July 30 [1] Group 2 - The one-week HIBOR rose by 4.172 basis points to 0.42964%, while the two-week rate decreased by 0.28 basis points to 0.50214% [1] - The six-month HIBOR fell by 2.208 basis points to 2.22286%, and the one-year rate decreased by 0.453 basis points to 2.65589% [1][2]

Group 1 - The Hong Kong interbank offered rates (HIBOR) have generally increased, with the one-month HIBOR rising to 0.96494%, marking an increase of 8.72 basis points, the highest since August 1 [1] - The three-month HIBOR is reported at 1.64702%, up by 3.095 basis points, reflecting the rising cost of bank funding [1] - Overnight HIBOR increased to 0.20143%, up by 6.405 basis points, while the one-week HIBOR rose by 10.405 basis points to 0.38792% [1] Group 2 - The two-week HIBOR increased by 2.839 basis points to 0.50494%, indicating a general upward trend in short-term borrowing costs [1] - In the longer-term rates, the six-month HIBOR rose by 2.226 basis points to 2.24494%, while the one-year HIBOR decreased by 1.256 basis points to 2.66042% [1][2] - The table of HIBOR rates shows a clear increase in short-term rates, with the one-month and three-month rates reflecting significant upward movements [2]

| 到期日 | 港元利息结算率 | | --- | --- | | 陽夜 | 0.13738 | | 1 星期 | 0.28387 | | 2 星期 | 0.47655 | | 1 个月 | 0.87774 | | 2个月 | 1.30494 | | 3个月 | 1.61607 | | 6个月 | 2.22268 | | 12 个月 | 2.67298 | 智通财经APP获悉，8月6日，港元拆息个别发展，而与楼按相关的一个月拆息连跌3日，报0.87774%， 跌5.988基点，是7月4日后最低;反映银行资金成本的三个月拆息报1.61607%，升3.363基点。 隔夜息报0.13738%，升0.351基点;一周拆息跌0.28基点，报0.28387%，两周则跌4.214基点，报 0.47655%。长息方面，六个月拆息升5.357基点，报2.22268%，一年期则跌2.345基点，报2.67298%。 ...

| 到期日 | 港元利息结算率 | | --- | --- | | 陽夜 | 0.13387 | | 1 星期 | 0.28667 | | 2 星期 | 0.51869 | | 1 个月 | 0.93762 | | 2个月 | 1.30089 | | 3个月 | 1.58244 | | 6 个月 | 2.16911 | | 12 个月 | 2.69643 | 隔夜息报0.13387%，跌4.607基点，是7月18日后最低;一周拆息跌14.452基点，报0.28667%，两周则跌5 基点，报0.51869%。长息方面，六个月拆息跌8.863基点，报2.16911%，一年期则跌9.333基点，报 2.69643%。 | 香港时间2025-8-4 | | --- | | 上午11时15分的结算率。 | 智通财经APP获悉，8月4日，港元拆息全线下跌，而与楼按相关的一个月拆息报0.93762%，跌5.548基 点，是7月25日后最低;反映银行资金成本的三个月拆息报1.58244%，跌3.577基点。 ...

Group 1 - The overnight Hong Kong dollar interbank offered rate (HIBOR) decreased to 0.18506%, marking a drop of 23.988 basis points, the lowest since July 18 [1] - The one-week HIBOR fell by 11.542 basis points to 0.62381% [1] - The two-week HIBOR decreased by 8.066 basis points to 0.73089% [1] Group 2 - The one-month HIBOR increased by 0.119 basis points to 1.03363%, the highest since July 18 [1] - The three-month HIBOR reported at 1.6175%, a decrease of 0.429 basis points [1] - The six-month HIBOR rose by 1.768 basis points to 2.26839% [1] - The twelve-month HIBOR is at 2.80185%, with an increase of 0.072 basis points [1]

Group 1 - The Hong Kong interbank offered rates (HIBOR) have generally declined, with the overnight rate at 0.42494%, down by 5.821 basis points, marking the highest level since May 7 [1] - The one-week HIBOR decreased by 9.244 basis points to 0.73923%, while the two-week rate fell by 6.137 basis points to 0.81155% [1] - The one-month HIBOR, which is related to mortgage rates, increased by 1.101 basis points to 1.03244%, the highest since July 18 [1] Group 2 - The three-month HIBOR, reflecting bank funding costs, is reported at 1.62179%, down by 8.035 basis points, the lowest since June 24 [1] - The six-month HIBOR decreased by 13.62 basis points to 2.25071%, while the one-year rate is at 2.80113%, down by 5.411 basis points, the lowest since June 14, 2022 [1]

Core Insights - The latest Central Region Index (CRI) for May shows a rental yield of 3.54%, marking a month-on-month increase of 0.06 percentage points, the highest level since December 2011 [1] - The Hong Kong property market is experiencing a recovery, with increased buyer interest, although second-hand property prices remain constrained due to low promotional prices for new developments [1] - The rental market is active, entering a seasonal peak, which is driving rental yields above the 3.5% level [1] Rental Yield Trends - The CRI_Mass rental yield for May is reported at 3.70%, up 0.07 percentage points month-on-month, while the CRI for small units is at 3.66%, also up 0.07 percentage points [2] - The CRI for large units stands at 2.89%, reflecting a month-on-month increase of 0.02 percentage points, returning to levels seen in February 2012 [2] - In Kowloon, the CRI_Mass yield is 3.73%, up 0.13 percentage points, the second highest since November 2011 [2] Regional Performance - The rental yield in Hong Kong Island for CRI_Mass is 3.67%, up 0.11 percentage points, reaching a 14-year high since November 2010 [2] - New Territories West CRI_Mass yield remains stable at 3.73%, while New Territories East shows a slight decline to 3.63%, down 0.02 percentage points [2] - Among 143 surveyed estates, 133 have rental yields exceeding the H mortgage rate of 2.77%, indicating over 90% of estates are yielding more than rental costs [2] Notable Estates - Estates with rental yields above 4% include: 嘉辉花园 (5.41%), 得宝花园 (5.04%), 南丰新村 (4.96%), 美景花园 (4.57%), and 华景山庄 (4.57%) [2] - Other notable estates include 杏花村 (3.76%), 太古城 (3.51%), and 美孚新村 (4.37%) [3]

Core Viewpoint - The current Hong Kong dollar (HKD) market dynamics indicate a significant interest rate spread between Hong Kong and the US, making carry trades still profitable and keeping the HKD close to the 7.85 level [1] Group 1: Market Conditions - The interest rate differential between Hong Kong and the US remains wide, which supports the profitability of carry trades [1] - The HKD is expected to remain near the 7.85 level due to supply and demand changes in HKD funds and other uncertainties, including US Federal Reserve monetary policy and global financial market conditions [1] Group 2: Potential Triggers - The "weak side convertibility guarantee" may be triggered again, with its extent and timing influenced by market conditions, particularly the supply and demand for funds [1] - As the HKD supply and demand approach balance, an upward adjustment in HKD interbank rates may become more apparent, indicating increased sensitivity of HKD interbank rates to market liquidity changes [1] Group 3: Future Expectations - Market participants should be prepared for potential upward adjustments in Hong Kong interest rates [1]