HSBC Cuts Hong Kong Prime Lending Rate on Fed Move
October 31 2019 - 12:53AM
Dow Jones News
By P.R.Venkat
HSBC Holdings PLC (0005.HK) said it will cut its Hong Kong prime
lending rate by 12.5 basis points to 5.0% in response to the U.S.
Federal Reserve's easing move and a challenging macro-economic
outlook.
It will also cut its interest rate for Hong Kong dollar savings
deposits to 0.001% from 0.125% and U.S. dollar savings deposits to
0.001% from 0.10%, HSBC said in a statement Thursday.
The new rates will be effective Friday.
"We believe the lending rate cut will take a little pressure off
Hong Kong businesses. We will continue to monitor the economic
environment and the competitive landscape and review our rates as
necessary," HSBC Hong Kong chief executive Diana Cesar said.
Earlier in the day, the Hong Kong Monetary Authority also
announced that it has cut its interest rate by 25 basis points to
2.0% effective Thursday in response to the U.S. rate cut.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
October 31, 2019 00:38 ET (04:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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