HONG KONG, July 17 (Xinhua) -- The composite interest rate in the Hong Kong Special Administrative Region rose to 0.85 percent at the end of June, from 0.75 percent at the end of May, the Hong Kong Monetary Authority said Thursday.

    Following a drop of four basis points in May, the mild rise in June reflected upward adjustments of time deposit and interbank rates, while savings deposit rates were unchanged.

    However, the interbank rates have largely been steady in the past two weeks, as expectations of an imminent interest rate increase by the United States Federal Reserve receded.

    The Monetary Authority said the composite interest rate will continue to be influenced by changes in U.S. interest rates and global financial market.