HSBC, StanChart Raise Prime Rate for First Time Since 2018
- HSBC says announcement marks the start of an ‘upward cycle’
- City’s economy is struggling amid rising rates, talent exodus
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HSBC Holdings Plc and Standard Chartered Plc raised their main lending rate in Hong Kong for the first time in four years, bumping up borrowing costs for property owners and businesses at a time when the economy is struggling with Covid restrictions and an exodus of talent.
Hong Kong’s biggest lender HSBC is boosting its prime rate by 12.5 basis points to 5.125% and warned of more increases to come. Rival Standard Chartered is lifting its rate by the same amount to 5.375%.