The rise in global interest rates comes as Hong Kong dollar three-month interbank interest rates soar to their highest level since 2008 as the HKMA tightens liquidity to maintain the linked exchange rate mechanism.
On Thursday, the three-month Hong Kong interbank offered rate (Hibor) rose 3 basis points to 2.68%, the highest level in 14 years.

meanwhile,A key benchmark of the 1-month Hibor-- mortgage rate, rising 2 basis points to 1.89%. In March, the one-month Hibor was only 0.25%.

As the Fed began its rate-raising cycle in March, the HKMA followed suit by raising benchmark interest rates, pushing up interbank borrowing costs.

Since may, the HKMA has absorbed large amounts of liquidity from the banking system, reducing the aggregate balance of the banking system by more than 60 per cent.

Several banks expect three-month Hibor to rise further.

As of 14:39 this afternoon, the exchange rate of the Hong Kong dollar against the US dollar was basically unchanged, with the quoted rate of US $1 to HK $7.8484.