conditions pushed HIBORs visibly lower. HIBORs rose back sharply in the triggering, before retreating somewhat towards the year-end. The overnight, 1- month and 3-month HIBORs decreased from 5.65%, 4.58% and 4.37% at end- 2024 to 4.38%, 3.08% and 2.93% at end-2025 respectively. In tandem with the three policy rate cuts totalling 75 basis points by the US FOMC in September, October and December, the HKMA adjusted the Base Rate(l) under the Discount Window downward by the same magnitude to 4.00% at end-2025. in 2025.Reflecting their relative movements, the negative yield spread between basis points at end-2024 to 136 basis points at end-2025, while that between the