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chinese stocks listed on the hong kong stock exchange rebounded sharply, demand for hong kong dollars surged, and hong kong's long-term sluggish currency market finally woke up.

according to bloomberg, with supply tight, the hong kong dollar one-month interbank offered rate (hibor) rose for the 10th consecutive trading day, reaching the highest level since the end of july. hong kong dollar overnight hibor also rose nearly 8 basis points to 5.35357%. hong kong dollar options trading volume also reached about 6 times the daily average level.

currencies pegged to the u.s. dollar rarely see such active trading. regulation of bank liquidity at the end of the quarter and seasonal factors such as local bond sales have also boosted demand for the hong kong dollar, pushing the hong kong dollar against the us dollar towards the strong side of the convertibility guarantee range.

frances cheung, a strategist at oversea-chinese banking corporation in singapore, said in a comment that hong kong dollar interest rates with maturities of one month and below are likely to bear most of the upward pressure. if capital flows into the stock market continue and loan demand increases, "the medium-term view that interest rates will lag the downward trend will be confirmed."

after a round of profit-taking in the previous trading day, chinese stocks listed in hong kong resumed gains on friday, with the hang seng china enterprises index expanding to 35% from its september low.

on friday, the hong kong dollar traded at 7.7663 against the u.s. dollar. under hong kong's linked exchange rate system, the hong kong dollar is allowed to fluctuate within a range of 7.75 to 7.85 per u.s. dollar. about hk$4.8 billion in options changed hands on thursday, about 600% of the daily average, according to depository trust & clearing corp.