Offshore RMB market fluctuations are inevitable; the key is to identify the trend clearly.

The data on the Hong Kong Interbank Offered Rate (HIBOR) for offshore RMB on December 16#美联储降息 is worth noting. The one-year tenor rate dropped to 1.92242%, reaching a new low since November 6—indicating that forward liquidity is loosening. The overnight HIBOR slightly increased by 3 basis points to 1.41591%, reflecting that short-term funding remains somewhat tight. The one-cycle rate rose to 1.56424%, hitting a high since November 28. The two-cycle rate fell back to 1.57242%.

What is the logic behind this set of data? The interest rate curve in the offshore RMB market is adjusting: the long end is softening, while the short end is supporting. For the crypto market, assets like (ETH tend to fluctuate with global liquidity expectations. When Hong Kong's interbank rates show such divergence, it indicates that market participants have differing views on future funding costs—some see long-term easing, others see short-term tightness.

Are you also adjusting your positions based on these signals?