Hong Kong interbank offered rates (HIBOR) have sharply increased, reflecting heightened demand for the Hong Kong dollar. The overnight rate jumped to 3.87500 percent, a substantial increase from the previous 1.62500 percent. One-week HIBOR climbed to 3.73714 percent from 3.23714 percent.

The rise in HIBOR indicates tighter liquidity conditions in the Hong Kong dollar market. Market participants suggest the increase in demand may be linked to upcoming initial public offerings and other factors requiring Hong Kong dollar funding.

Higher HIBOR rates can impact borrowing costs for businesses and consumers in Hong Kong, potentially affecting economic activity.