HSBC Holdings (HKG:0005) slashed its best lending rate by 25 percentage points in Hong Kong to 5.625% from 5.875% previously, Bloomberg stated in a Thursday report citing a statement.
The rate cut is the first by the lender since 2019, according to the report.
The rate cut was followed by a similar 25-percentage-point cut by Bank of China (HKG:3988, SHA:601988) and Standard Chartered (HKG:2888), the report said.
All three banks have reportedly also brought down their deposit rates.
The downward rate adjustment comes after the Hong Kong Monetary Authority took cues from the US Federal Reserve and cut its base rate by half a percentage point, the Bloomberg report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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