Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut [Yahoo! Finance]
BOC HK HLDGS LTD S/ADR (BHKLY)
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Source: Yahoo! Finance
lending and savings rates unchanged, even though the Hong Kong Monetary Authority (HKMA) lowered the base rate on Thursday. Analysts said commercial banks found it difficult to reduce lending rates further because savings rates were already close to zero, meaning any cut in prime lending rates alone would erode profitability. Hong Kong banks set their own interest rates and are not obliged to follow HKMA decisions. HSBC and its subsidiary Hang Seng Bank, alongside Bank of China (Hong Kong), kept their prime lending rate at 5 per cent, while Standard Chartered, Bank of East Asia (BEA), and Shanghai Commercial Bank maintained their lending rate at 5.25 per cent, according to separate statements from the lenders on Thursday. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. HSBC, Hang Se
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