Hong Kong weighs changes in rate setting

11/26/2012 | Reuters

A formal code of conduct is one change being considered by the Hong Kong Association of Banks after a review of the way benchmark lending rates are set. The review, sparked by manipulation of the London Interbank Offered Rate, might also prompt the association to publish fewer rates. "The [Hong Kong Interbank Offered Rate] fixing mechanism remains sound," said the Treasury Markets Association's Henry Cheng, who conducted the review. "The key point of these proposals are to make sure the mechanism can be sustained."

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