HK Raises Deposit Interest Rates

The Hong Kong Association of Banks decided Friday to increase annual deposit rates by 0.5 percentage points across the board in response to the generally firmer trend of market cost of funds.

The new maximum rate for both savings and 24 hours'call deposit will be 4.75 percent per year effective on Monday.

This is the third time the Hong Kong's interest rates are raised this year. The increase of the interest rates so far this year has added up to 1 percentage point.

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