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Interest rates in Hong Kong have been eerily low, raising the question of whether the city’s dollar peg is now in name only.

Hong Kong surrendered its monetary autonomy decades ago, thanks to a unique mechanism that restricts its currency fluctuation to a narrow band of 7.75 and 7.85 per dollar. That means the city’s borrowing costs move in lockstep with those in the US, which are dictated by the Federal Reserve’s rate policies.

Lately, though, currency traders have been staring at an anomaly. The one-month Hong Kong interbank offered rate, or Hibor, has collapsed since early May. The gap with the US secured overnight financing rate, or SOFR, is at an unprecedented level of more than three percentage points. Investors are now asking what caused this divergence and whether Hibor will stay lower for longer.

Read the whole thing.

Apple Can’t Leave China, With or Without Tariffs — Catherine Thorbecke

The Fannie and Freddie Stakes Are High — Matt Levine

899 — The Three Numbers Alarming the Bond Market — John Authers

Tesla Is Being Eaten Alive by Chinese Rivals It Inspired — Liam Denning

Immigrants Rebuilt a Pennsylvania Town — Then Became Targets — Francis Wilkinson

China’s Coal Industry Has a Big, Dirty Secret — Javier Blas

Taylor Swift’s Catalog Win Is a Masterclass in Business — Bryan Reesman

Could US and Israel Destroy Iran’s Nuke Program? Yep, Here’s How — James Stavridis

Hailey Bieber’s ‘Glazed Donut’ Is a $1 Billion Treat for Elf — Andrea Felsted

• AI chatbots are looking into the ad model. Sound familiar? Parmy Olson thinks so.
• A cheeseburger uses a lot more water than a ChatGPT request. Mark Gongloff explains how Arizona’s water is vanishing before AI gets a crack at it.
• The corporate culture wars are getting strange, says Beth Kowitt: More progressive figures are willing to ally with the right if it means furthering their agenda.

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