Storm clouds hovered over the Hong Kong skyline on 6 June 2022. Photo: Felix Wong
Storm clouds hovered over the Hong Kong skyline on 6 June 2022. Photo: Felix Wong

Hong Kong’s banks raise prime rates for the first time in 4 years as cost of money soars to 14-year high

  • HSBC, Standard Chartered, Bank of China (Hong Kong), Hang Seng Bank and Bank of East Asia raised their best lending rate for borrowers by 12.5 basis points
  • The first increase in prime rates in four years will hurt the property market and Hong Kong’s economy, analysts say

Storm clouds hovered over the Hong Kong skyline on 6 June 2022. Photo: Felix Wong
Storm clouds hovered over the Hong Kong skyline on 6 June 2022. Photo: Felix Wong
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