China has opened a new front in its war to curb currency depreciation by buying up renminbi offshore, foiling the burgeoning carry trade and driving the cost of borrowing to a record high.
The elevated overnight CNH Hong Kong Interbank Offer Rate (Hibor) shows how volatility in China’s currency — once a highly domestic side-show for global investors — is fanning across the globe through renminbi internationalisation. Hong Kong, the biggest offshore market, bears the brunt.
It is also a potent sign of the lengths to which China's central bank is prepared to go to support the value of offshore renminbi, known as CNH.
您已閱讀30%（620字），剩余70%（1471字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。