HSBC to raise prime lending rate to 5.875per cent after Hong Kong rate hike
FILE PHOTO: A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu//File Photo
HONG KONG :HSBC Holdings said on Thursday it is raising its best lending rate in Hong Kong by 12.5 basis points to 5.875per cent 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 1.0per cent per annum from 0.875per cent 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 5.75per cent, the highest in 16 years, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.
(Reporting by Georgina Lee and Donny Kwok; Editing by Jacqueline Wong and Christian Schmollinger)
