The composite interest rate rose seven basis points to 2.93% at the end of February, from 2.86% in January, the Monetary Authority says.

The composite interest rate was steady in January and December. The February rise reflected the upward adjustment in interbank interest rates, while savings deposit rates were unchanged.

In February, the overnight Hong Kong Interbank Offered Rate and HIBORs for funds with maturity of nine months and above fell two to 10 basis points, while HIBORs for funds with maturity between one week and six months rose four to 19 basis points. On a monthly average basis, HIBORs rose across-the-board by 18 to 29 basis points.

Since US interest rates began increasing in the middle of 2004, the composite interest rate has grown 269 basis points, compared with the upward adjustments of between 275 and 300 basis points in the best lending rates of banks by the end of February.

The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of February this year can be found here.