HSBC did not react to two rate cuts by the HKMA in September and August this year. Photo: Winson Wong

Hong Kong’s biggest banks find themselves in a vice as they cut rates for the first time in 11 years during city’s recession

  • HSBC had US$308 billion of loans to customers in Hong Kong, or 64 per cent of volume in Asia, last quarter
  • Standard Chartered trims prime rate to 5.25 per cent in its most profitable region as Hong Kong slips into technical recession
Topic |   Banking & Finance

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HSBC did not react to two rate cuts by the HKMA in September and August this year. Photo: Winson Wong
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Empty shops at the Times Square shopping centre in Hong Kong’s Causeway Bay district on 9 September 2019, as the city’s street protests – in their third month then – drive visitors and shoppers away. Photo: Sam Tsang

Hong Kong eases monetary policy as economy slips into recession, prompting city’s banks to cut rates for the first time in 11 years

  • The Hong Kong Monetary Authority has cut its key interest rate by 25 basis points, in lockstep with a similar cut overnight by the US Federal Reserve
  • The third cut in the cost of money in as many months prompted the city’s three currency issuing banks to ease lending rates for the first time since 2008
Topic |   Hong Kong Monetary Authority (HKMA)

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Empty shops at the Times Square shopping centre in Hong Kong’s Causeway Bay district on 9 September 2019, as the city’s street protests – in their third month then – drive visitors and shoppers away. Photo: Sam Tsang
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