HSBC and StanChart cut key benchmark rates in Hong Kong

Pedro Gonçalves
clock • 1 min read

Standard Chartered and HSBC, two of Hong Kong's biggest banks,  have slashed their key benchmark rates in the city, their largest market.  HSBC cut its best lending rate by 12.5 basis points to 5% in Hong Kong. Standard Chartered , another major lender in the city, soon followed HSBC's announcement, reducing its best lending rate by 12.5 basis points to 5.25%. The HKMA lowered its base rate to 2% from 2.25%, hours after the Fed's quarter-point cut, according to the institution's page on Bloomberg. As the Hong Kong dollar is linked to the greenback, the territory essentially imports US...

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