HONG KONG, July 19: The Hong Kong Association of Banks has initiated a review of the fixing mechanism and governance structure of the Hibor process as central banks worldwide scrutinise the troubled Libor procedure, a spokesperson for the city’s de facto central bank said on Thursday.
The Hong Kong Monetary Authority said it supported the review and would monitor the process and outcome.
Central bankers and regulators will hold talks in September on whether the London interbank offered rate (Libor) used globally can be reformed or whether it is so damaged that the benchmark of borrowing costs should be scrapped. (agencies)
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