Hong Kong dollar hits a 3 month high. HIBOR on the move also (rates jump)

USD/HKD has hit a 3-month low (HKD a 3 month high) circa 7.8325:

It was only last week that the Hong Kong Monetary Authority (HK's central bank Central bank A central bank is a financial institution that manages a country's monetary policy, and that often also includes issuing and/or monitoring the currency and regulating the money supply. Central banks also typically act as a lender of last resort to banks in times of financial crisis, and may also supervise and regulate banks and other financial institutions. Examples of central banks include the Federal Reserve in the United States, the European Central Bank, and the Bank of Japan.The chief task A central bank is a financial institution that manages a country's monetary policy, and that often also includes issuing and/or monitoring the currency and regulating the money supply. Central banks also typically act as a lender of last resort to banks in times of financial crisis, and may also supervise and regulate banks and other financial institutions. Examples of central banks include the Federal Reserve in the United States, the European Central Bank, and the Bank of Japan.The chief task Read this Term) was intervening to support the HKD. The HKMA have held the HKD in its desired trading band pegged against the USD for decades.

As for rates:

• Hong Kong overnight interbank offered rate jumps 92 bps to 4.4381%, highest since late 2019
• One-week HIBOR up 48 bps to 4.10952%, highest since December 2022
• One-month HIBOR up 38.5 bps to 4.15762%, highest since January 2023

Official rates set by the HKMA in HK are bound to US official rates, inextricably linked to the pegging of the curency to the USD.