Hong Kong confirms phasing out of less in-demand interbank rates
HONG KONG, June 7
HONG KONG, June 7 (Reuters) - The Hong Kong Association of Banks said it would stop calculating and publishing those tenors of the territory's interbank rate that have less market demand, as part of a review of the Hibor process.
The association will stop publishing the 4, 5, 6, 7, 8, 9, 10 and 11 month tenors as of April 1, 2014, it said on Friday.
Hibor is similar to its London equivalent Libor, in that it represents an average of the rates submitted by banks at which they are prepared to lend to each other.
(Reporting By Lawrence White; Editing by Daniel Magnowski)