The composite interest rate rose to 0.88% at the end of July, from 0.85% at the end of June, the Monetary Authority says.

The mild increase reflected modest upward adjustments of time deposit rates, which more than offset the drop in interbank rates, while savings deposit rates were unchanged. 

During the first half of August, interbank rates were steady, in line with the movement of US interest rates, as financial markets expected the US Federal Reserve to keep its target for the federal funds rate unchanged for the time being.