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The composite interest rate fell to 0.42% at the end of January from 0.68% at the end of December, the Monetary Authority says.
Following a drop of 18 basis points in December, January's fall reflected downward adjustments in time deposit and interbank rates.
The authority's Deputy Chief Executive Peter Pang said the accommodative monetary and interest rate conditions were conducive to the recent declines in banks' average funding cost.
The composite interest rate will continue to be influenced by domestic liquidity and global financial market conditions, he said.
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