According to online reports, Morgan Stanley said that the Hong Kong dollar interbank offered rate (Hibor) may rebound from its recent decline in the coming months as some excess liquidity in the market may be reabsorbed. Hibor's recent decline can be attributed to three key factors: the Hong Kong Monetary Authority injected a large amount of Hong Kong dollar liquidity to maintain the exchange rate range; reduced selling pressure on the US dollar; and weakened demand for Hong Kong dollars from equity inflows. "We believe there is a high probability that Hibor will rebound in the coming months, although the exact timing is difficult to determine." Hong Kong dollar interest rates will continue to fall until 2026, when the Federal Reserve is expected to cut interest rates further.