The so-called offshore RMB business refers to the business of making RMB deposits outside China. Just because Hong Kong can operate offshore and locally does not mean it is an offshore company. A registered Hong Kong company is considered as an offshore company and can also operate offshore account in Hong Kong. However, it is not confidential to register a Hong Kong company, and you can find the relevant information of the Hong Kong company. Therefore, interbank lending in Hong Kong can also be said to be offshore RMB business.
The so-called interbank offered rate refers to the interest rate suitable for short-term interbank lending, usually overnight lending or lending within 1-7 days, which is the most basic and core interest rate in developed money markets.