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Treasury Markets Association Hong Kong Rates

Published in Alternative Indices

The Treasury Markets Association (TMA) was incorporated through the institutionalisation of the Treasury Markets Forum of Hong Kong and the merger with ACI-The Financial Markets Association of Hong Kong in 2005. Principal functions of the TMA include promoting co-operation and synergy among market practitioners with a view to enhancing professionalism and the overall competitiveness of the treasury markets in Hong Kong, thereby maintaining the role as an international financial centre.

Hong Kong Inter-bank Offered Rate, (or HIBOR), is the annualized rate charged for inter-bank lending on Hong Kong Dollar (HKD) denominated instruments, for a specified period ranging from overnight to one year.[citation needed] It is calculated daily at 11:00 a.m. local time based on quotations from 20 banks designated by the Hong Kong Association of Banks (HKAB). In 2013, an additional fixing was launched for off-shore Chinese renminbi (CNH), designated as CNH HIBOR.

The Treasury Markets Association (TMA) established that the Hong Kong Inter-Dealer Brokers Association (HKIDBA) transferred the ownership and administration of the Hong Kong Dollar Overnight Index Swaps (HKD OIS) to the TMA in 2016. The benchmark was renamed as HKD Overnight Index Average (HONIA). Similar to other TMA’s benchmarks, the HONIA will be subject to a governance and surveillance framework.

The US Dollar / Hong Kong Dollar is the most popular pair to trade the Hong Kong currency. The Hong Kong Monetary Authority’s primary objective is to ensure stability of the HKD exchange rate, instead of primarily focusing on inflation rates or growth like most central banks. Hong Kong is increasingly integrated with China, and many consider it a gateway of capital into and out of the world’s second largest economy. Hong Kong exports and imports were both bigger than the size of the net GDP in 2012, and China intakes more than half of Hong Kong’s exports.

Key Features and Coverage on RIMES

For this data source, RIMES hosts 15 indices, including:

  • CNH Hong Kong Interbank Offered Rate 1-Month %, 1 week, 1 year, 2 month, 2 week, 3 month, 6 months, overnight
  • HKD Overnight Index Average %
  • HONIA Compounding and Index 180-day %
  • HONIA Compounding and Index 30-day %
  • HONIA Compounding and Index 90-day %
  • USD/CNY(HK) Spot Rate
  • USD/HKD Spot Rate

Some of the data items available from this source include:

  • Date of Portfolio
  • Description
  • Exchange Rate
  • Series Value
  • Database Source
  • Database Symbol
  • Total Return

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