Offshore renminbi interest rates in Hong Kong have climbed to near record highs this week as banks compete for funds in preparation for the launch of a highly anticipated trading link that will grant investors there unprecedented access to China’s mainland equity market.
HSBC, Citigroup and Standard Chartered are among the banks that have raised interest rates on time deposits in recent days, following even more aggressive rate increases by the Hong Kong units of mainland lenders including Bank of China and Citic Bank.
The rise in CNH rates has occurred even as onshore renminbi interest rates have fallen in recent weeks due to a series of cash injections by China’s central bank.
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