19Negative
Serious
Neutral
Optimistic
Positive
- Total News Sources
- 3
- Left
- 0
- Center
- 3
- Right
- 0
- Unrated
- 0
- Last Updated
- 6 min ago
- Bias Distribution
- 100% Center
Hong Kong's largest banks, including HSBC and Bank of China (Hong Kong), have reduced their prime lending rates by 25 basis points to 5.625% following a 50 basis-point cut in the base rate by the Hong Kong Monetary Authority (HKMA). This is the first reduction in nearly five years and mirrors the US Federal Reserve's recent half-point rate cut. The HKMA's adjustment aims to lower funding costs for local businesses and mortgage borrowers, providing relief to the struggling real estate market. HSBC's Hong Kong chief executive, Luanne Lim, noted the decision was influenced by the softening of the Hong Kong-dollar interbank offered rate (Hibor). Financial Secretary Paul Chan highlighted the positive impact lower interest rates could have on Hong Kong enterprises and the asset market. Analysts suggest further rate cuts could stimulate property purchases as rental yields potentially rise above mortgage rates.
- Total News Sources
- 3
- Left
- 0
- Center
- 3
- Right
- 0
- Unrated
- 0
- Last Updated
- 6 min ago
- Bias Distribution
- 100% Center
19Negative
Serious
Neutral
Optimistic
Positive
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