Hong Kong Interbank Offered Rate (HIBOR) is the interest rate chosen by Hong Kong banks to buy and sell Hong Kong dollar investment instruments. Quotations (from one month to twelve months) are based on the quotations of 20 banks designated by the Hong Kong Association of Banks at 1 1 Hong Kong time, excluding the three highest quotations (if they are the same, select three lowest quotations) and taking the average of the remaining 14 quotations (five decimal places)