HSBC, Hang Seng Keep Hong Kong Dollar Prime Lending Rates Flat At 5.00%
HONG KONG -(Dow Jones)- Hongkong & Shanghai Banking Corp. and Hang Seng Bank Ltd. (0011.HK), both units of HSBC Holdings PLC (HBC), said Thursday they kept their best lending rates at 5.00%.
the banks said they also left their savings rates unchanged.
the statements follow the U.S. Federal Reserve’s decision overnight to keep its official interest rates unchanged. the Hong Kong Monetary Authority, the city’s de facto central bank, said earlier Thursday it will keep its base rate at 0.50%.
Hong Kong’s currency peg to the U.S. dollar bolts its monetary policy to that of the U.S., so the HKMA generally follows any interest rate adjustments by the Fed. Hong Kong banks usually follow interest rate moves by the HKMA, but aren’t required to do so.
HSBC, Hang Seng Keep Hong Kong Dollar Prime Lending Rates Flat At 5.00%
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