The composite interest rate rose seven basis points from 0.13 percent to 0.2 percent at the end of June, the Hong Kong Monetary Authority announced Monday. The composite interest rate is a measure of the average cost of funds of banks. The upward adjustments in interbank rates and longer-term time deposit rates brought about the rise in the composite interest rate. In June time deposit rates with maturities of six months or longer rose by 1.28 points to 1.88 basis points. 