Overnight Yuan HIBOR spikes to new record highs

FXStreet (Bali) - Overnight Yuan HIBOR (Hong Kong Interbank Offered Rate - Offshore yuan borrowing rates) has jumped to a new record high of 66.82% from 13.4%.

Banks remain very desperate for liquidity as concerns over China's economy and the stability of the Yuan continue. The new highs on the HIBOR comes despite the spread between the onshore and offshore Yuan narrowed dramatically in the last 24h of trading.