Repurchase agreements (repos) are used in the management of interbank market liquidity. Authorized instiutions, which have clearing accounts with the Hong Kong Monetary Authority (HKMA), can use Exchange Fund paper to borrow Hong Kong dollars overnight through the discount window. Although repurchase agreements are essentially interbank market transactions, nonbank investors holding eligible securities may participate in overnight repos. A detailed description of repos and daily interbank data can be found by following the links provided below.