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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.
This is the first cut to the prime lending rate by the bank in 11 years. In November 2008, the prime lending rate was cut 25 basis points to 5.0%.
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 email@example.com
(END) Dow Jones Newswires
October 31, 2019 01:23 ET (05:23 GMT)
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