Major Hong Kong Banks Cut Interest RatesMajor banks in Hong Kong announced new interest rates cut by 25-50 basis points Wednesday, following the interest rate cut by the U.S. Federal Reserve.Standard Chartered Bank, Bank of East Asia, Dao Heng Bank and DBS Kwong On Bank will cut the interest rate by 50 basis points to be 1.5 percent per annum for the Hong Kong dollar saving account. The new rate will take effect from next Monday. Starting from Thursday, Citibank and Bank of China will cut the rate by 25 basis points for the Hong Kong dollar saving account to be 1.5 percent and 1.75 percent per annum, respectively. The above banks will also lower the prime lending rate almost by the same rate to be 6.5 percent per annum. Hong Kong deregulated the interest rates on July 3, this year. Local banks formulate the interest rates on their own. |
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