This graph shows a comparison of 3-month Mainland repo rate, Shibor, and HK interbank rate

See how they affect each other.

Moody's notes that when interbank rates spiked in mainland China in late June, offshore RMB interbank rates and deposit costs also rose in Hong Kong as many borrowers with operations on the mainland and abroad turned to banks in Hong Kong for RMB funds.

"Although China’s capital controls remain in place, liquidity conditions in offshore RMB will likely be influenced by conditions on the mainland in the future."