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UBS faces rate probe in Hong Kong

HONG KONG — Hong Kong authorities are investigating the Swiss bank UBS for possible misconduct related to a benchmark interest rate.

The Hong Kong Monetary Authority said it has launched a probe to determine if there was wrongdoing when UBS submitted data used to set the Hong Kong interbank offered rate, known as Hibor.

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UBS said it will ‘‘work closely with various regulatory authorities” but would not comment further.

On Wednesday, UBS agreed to pay $1.5 billion in fines in a settlement with US, British, and Swiss regulators. The bank said that some of its employees tried to rig the Libor­ rate — short for London interbank offered rate — in several currencies.

The Libor is set daily using information that banks provide and is used to price trillions of dollars in contracts around the world, including mortgages and credit cards. Hibor is used mainly by Asian lenders and borrowers.

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