Market News
Hong Kong central bank cuts interest rate after Fed move, banks follow - REUTERS
HONG KONG, Nov 8 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Friday cut by 25 basis points its base rate charged via the overnight discount window, to 5.0%, tracking a move by the U.S. Federal Reserve.
Major Hong Kong banks followed with HSBC cutting its Hong Kong dollar best lending rate by 25 basis points and Bank of China (Hong Kong) also cutting its Hong Kong dollar prime rate by the same magnitude.
"In light of another U.S. rate cut and factors including economic and market conditions, HSBC decided to lower its Hong Kong dollar deposit and lending interest rates," Luanne Lim, chief executive officer, Hong Kong, HSBC, said in a statement.
