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Hong Kong regulator tells banks to do more to prepare for the end of Libor
Hong Kong banks must step up efforts to prepare for the end of the discredited Libor interest rate benchmark, a senior official of the city’s central bank said on Friday, joining the chorus of global regulators urging quicker action by banks. Ditching Libor, or the London Interbank Offered Rate, a 50-year-old price reference still embedded in loans from mortgages to credit cards worth $400 trillion globally, is one of the biggest challenges markets have faced in decades. Banks were fined around $9 billion for trying to rig Libor, once dubbed the world’s most important number, and regulators say it must be ... (full story)