Hong Kong's overnight yuan borrowing rate was fixed at the highest level in eight months on Monday after the long holiday weekend.
China's financial markets were closed from Thursday for the Mid-Autumn Festival, and Hong Kong's markets were shut on Friday.
The CNH Hong Kong Interbank Offered Rate benchmark (CNH Hibor), set by the city's Treasury Markets Association (TMA), was fixed at 23.683 percent for overnight contracts, the highest level since Jan. 12.
Traders said the elevated offshore yuan borrowing rates in the past week were due to tight liquidity in the market and rumors that China took action to raise the cost of shorting its currency.