离岸人民币香港银行同业拆息(CNH Hibor)

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见证历史!人民币,重磅信号来袭!
券商中国· 2025-05-08 23:19
Core Viewpoint - The offshore RMB liquidity is currently abundant, as indicated by the decline in the CNH Hibor rates, which have reached historical lows, reflecting the ease of obtaining RMB in the Hong Kong market [2][5][6]. Group 1: Offshore RMB Hibor Rates - On May 8, the CNH Hibor rates showed a decline across major tenors, with the three-month Hibor falling by 11 basis points to 1.67788%, marking a record low [2][5]. - The overnight Hibor decreased to 1.42848%, a near one-week low, while the one-week Hibor dropped to 1.54303%, reaching a near two-week low [5][6]. - The People's Bank of China conducted a 7-day reverse repurchase operation of 158.6 billion yuan at a rate of 1.40%, down from 1.50%, resulting in a net injection of liquidity [5]. Group 2: Dollar Weakness and Market Dynamics - Stephen Jen warned of a potential $2.5 trillion sell-off of the dollar as Asian countries gradually reduce their dollar reserves, driven by increasing trade surpluses with the U.S. [3][9]. - The trend of "selling the dollar" is ongoing, with significant capital returning to Asia, which is seen as a strong driver behind the appreciation of Asian currencies [8][9]. - Concerns over the long-term safety of U.S. assets are rising due to increasing government debt and uncertain tariff policies, which may weaken the dollar's appeal [10].