HIBOR
Hi there! So you know how sometimes you need to borrow money from a bank, but the bank wants you to pay them back more money than they gave you? That's called interest.
Okay, so now let's say you live in Hong Kong and you need to borrow money from a bank in Hong Kong. The bank in Hong Kong will charge you something called "HIBOR". HIBOR stands for Hong Kong Interbank Offered Rate.
Basically, it's the interest rate that banks in Hong Kong charge each other when they lend money to each other. This rate can change every day depending on how much people are borrowing and how much they are willing to pay in interest.
Now, when you go to borrow money from a bank in Hong Kong, they will usually use HIBOR as the baseline for the interest rate they charge you. For example, if HIBOR is 2%, the bank might charge you an additional 1% or 2% on top of that as their profit for lending you money.
So, in summary, HIBOR is the rate that banks in Hong Kong use to charge each other for lending money. When you borrow money from a bank in Hong Kong, they use HIBOR as a guideline for the interest rate they charge you.
Okay, so now let's say you live in Hong Kong and you need to borrow money from a bank in Hong Kong. The bank in Hong Kong will charge you something called "HIBOR". HIBOR stands for Hong Kong Interbank Offered Rate.
Basically, it's the interest rate that banks in Hong Kong charge each other when they lend money to each other. This rate can change every day depending on how much people are borrowing and how much they are willing to pay in interest.
Now, when you go to borrow money from a bank in Hong Kong, they will usually use HIBOR as the baseline for the interest rate they charge you. For example, if HIBOR is 2%, the bank might charge you an additional 1% or 2% on top of that as their profit for lending you money.
So, in summary, HIBOR is the rate that banks in Hong Kong use to charge each other for lending money. When you borrow money from a bank in Hong Kong, they use HIBOR as a guideline for the interest rate they charge you.