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The overnight offshore Yuan (CNH) Hong Kong Interbank Offered Rate (HIBOR) rose 1.2 percentage points to 3.04%, recording the biggest daily rise year-to-date (YTD), as cited by Reuters.

The HIBOR surge seems to indicate resurfacing fears among the overseas investors that Beijing could announce a deeper devaluation in the Yuan, as the US-China trade tensions return to the markets.

Trade woes re-emerged after Bloomberg reported on Friday that Trump administration officials are considering putting limits on the US investors’ portfolio flows into China and delisting Chinese companies from the US stock exchanges.