HSBC to raise prime lending rate to 5.875% after Hong Kong rate hike
Reuters
Published Jul 27, 2023 12:29AM ET
Updated Jul 27, 2023 03:02AM ET
HONG KONG (Reuters) -HSBC Holdings (LON:HSBA) said on Thursday it is raising its best lending rate in Hong Kong by 12.5 basis points to 5.875% effective on July 28 after the city's de facto central bank raised the base rate.
HSBC also said it would raise the savings rate for its U.S. dollar savings deposits by 12.5 basis points to 1.0% per annum from 0.875% effective on Friday.
The Hong Kong Monetary Authority (HKMA) earlier on Thursday raised its base rate charged through the overnight discount window by 25 basis points to 5.75%, the highest in 16 years, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.
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Written By: Reuters
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