HSBC Cuts Key Hong Kong Rate for the First Time Since 2019
- Lender cuts prime lending rate in HK by 25 basis points
- Falling rates will add pressure on bank to cut expenses
Outside the HSBC Holdings Plc headquarters building in Hong Kong.
Photographer: Chan Long Hei/BloombergThis article is for subscribers only.
HSBC Holdings Plc cut its key benchmark rate in Hong Kong for the first time since 2019, a move likely to hit margins while bringing relief to homeowners and borrowers in the Asian financial hub.
HSBC cut its best lending rate to 5.625% from 5.875% in Hong Kong, according to a statement. It was followed shortly after by Bank of China (Hong Kong) Ltd. and Standard Chartered Plc, which also lowered their prime rate by 25 basis points. All three banks also cut deposit rates.