Pedestrians cross a road in front of a vacant shop in Hong Kong on December 9, 2022. Photo: AFP
Pedestrians cross a road in front of a vacant shop in Hong Kong on December 9, 2022. Photo: AFP

Hong Kong’s banks raise prime rate to 15-year highs as HKMA warns borrowers to gird against risks in era of higher funding costs

  • The HKMA increased its base rate by 50 basis points to 4.75 per cent from 4.25 per cent, taking it close to a 15-year high
  • HSBC, the largest currency issuing bank in Hong Kong, raised its prime rate by 25 basis points, the first of the city’s lenders to jack up the cost of money

Pedestrians cross a road in front of a vacant shop in Hong Kong on December 9, 2022. Photo: AFP
Pedestrians cross a road in front of a vacant shop in Hong Kong on December 9, 2022. Photo: AFP
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