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The composite interest rate fell from 3.06% in September to 3.03% in October, the Monetary Authority says. This followed an increase of one basis point in September.
The three basis-point drop in the average cost of funds in October was attributable to the fall in interbank rates.
The composite interest rate has grown by 279 basis points since the current up-cycle of US interest rates started in mid-2004. Hong Kong banks' best lending rates have risen between 300 and 325 basis points.
The authority's Deputy Chief Executive Peter Pang said the average cost of funds has been steady around the current level since the end of March. This shows liquidity in the banking system has remained ample, with the prospects of a number of scheduled initial public offerings continuing to attract funds to stay in Hong Kong, he said.
The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of last month is available in the Monthly Statistical Bulletin on the authority's website. The next data release is scheduled for December 19, which will provide the composite interest rate at the end of November.
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