For the past month or more, overnight interest rates in Hong Kong have been stuck just above zero per cent. Since everyone got used to ultra-low interest rates during the last couple of decades, it may not be immediately obvious how bizarre, unexpected and potentially alarming that situation is — or how it illustrates everything from the dwindling appetite of Asian investors for US assets, to a modest revival of Hong Kong’s capital markets, to surprising limits on the risk-taking capacity of banks and hedge funds.
过去一个多月来，香港隔夜利率一直维持在略高于零的水平。由于近几十年来所有人都习惯了超低利率，人们也许不会立刻意识到这种情况是多么奇怪，多么出人意料，并且潜在地令人担忧——他们也不会马上反应过来，这种情况说明亚洲投资者对美国资产兴趣下降，香港资本市场有所复苏，而银行和对冲基金的风险承受能力有限得令人吃惊。
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