Hong Kong Markets Roiled by Interbank Rate Squeeze Amid Protests

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Hong Kong Markets Roiled by Interbank Rate Squeeze Amid ProtestsThe Hang Seng Index fell 1.7% at the close, with local property developers among the biggest losers, while the Hong Kong dollar strengthened as much as much as 0.26%, the largest gain in seven months. The one-month interbank borrowing cost, known as Hibor, rose 29 basis points to about 2.42%, the highest since 2008. While some analysts attributed the tighter liquidity to seasonal demand for cash such as dividend payments, others said the protests -- aimed at preventing the passage of a bill allowing Hong Kong to extradite its citizens to mainland China -- could be spurring concern about potential capital outflows.

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