Yuan Overnight HIBOR spikes to highest Since February

The cost of borrowing yuan in Hong Kong, gauged by Hong Kong Interbank Offered Rate (HIBOR) extended its bullish run on Monday and spiked to the highest levels in seven months amid mounting speculation that China’s central bank is intervening to discourage bearish bets on the currency. 

The overnight HIBOR climbed almost 4 percentage points to 5.51%, the strongest level since February, according to Treasury Markets Association data.