Hong Kong banks leave lending rates unchanged in line with US Fed move |
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Published
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Thu, 10 May 2007 10:15
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HONG KONG (XFN-ASIA) - HSBC Holdings unit Hong Kong and Shanghai Banking Corp and the rest of the major local banks left their lending rates unchanged following the US Federal Reserve's decision last night to keep its key rate steady.In separate statements, Hong Kong and Shanghai Bank, affiliate Hang Seng Bank, and BOC Hong Kong said they are leaving their prime rates unchanged at 7.75 pct.Standard Chartered Bank and Bank of East Asia decided to keep their lending rates steady at 8 pct.Earlier today, the Hong Kong Monetary Authority (HKMA) said it is leaving its base rate intact at 6.75 pct, in line with the move of the US Federal Reserve to hold its key interest rate steady.The base rate is the reference rate for lending overnight funds to local banks through the HKMA's discount window.The HKMA generally follows the Fed rate moves as the Hong Kong dollar is pegged to the US dollar.The Fed's policy setting board left its target for the federal funds rate unchanged at 5.25 pct at last night's meeting.leonora.walet@xfn.comlw/net
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Hong Kong HKMA keeps base rate unchanged at 6.75 pct as Fed stays on hold 