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HSBC keeps Hong Kong prime lending rate unchanged at 5.25 pct

HONG KONG, Oct 09, 2008 (XFN-ASIA via COMTEX) -- By Staff Reporter

Company: HSBC Holdings plc (HBC)

HSBC Holdings unit Hong Kong and Shanghai Banking Corp decided to keep its prime lending rate in Hong Hong unchanged at 5.25 pct, despite 50 basis points cuts by the Hong Kong Monetary Authority (HKMA) and the US Federal Reserve of their key rates.

The bank's best lending rate was last changed March 20, when it was lowered by 50 basis points.

HKMA, Hong Kong's de facto central bank, cut the base rate for its discount window by 50 basis points to 2.0 pct following a US rate cut Wednesday.

The US Fed, the European Central Bank, Bank of England, Bank of Canada, Swiss National Bank and Sweden's central bank all cut their rates by half a percentage point in a coordinated move to stem the credit crisis.

roby.lau@xfn.com

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Copyright (C) 2008 Xinhua Financial News. All rights reserved

News Provided by COMTEX

Company: HSBC Holdings plc (HBC)


Related terms: bank, bank of england, banking, canada, european central bank, federal reserve, hong kong, rates, shanghai, sweden

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