HK major banks to maintain prime rate level US interest rates hike

HSBC, the Standard Chartered Bank, Hang Seng Bank and Bank of China (Hong Kong) said Wednesday that they will not change their prime rates and deposit rates following a 0.25 percent interest rates hike by the US Federal Reserve.

HSBC said it will maintain its prime rate and deposit rate unchanged. Its prime rate is 5 percent while its HK dollar deposit rate stands at 0.01 percent.

Bank of China (Hong Kong) and the Bank of East China also said that they will maintain their prime rate and HK dollar call rate at 5 percent and 0.01 percent, respectively.

The Hang Seng Bank and the Standard Chartered Bank also decided to keep their prime rates and deposit rates unchanged.

The US Federal Reserve decided to raise the US dollar interest rates by 0.25 percent Tuesday.

Hong Kong rates have been closely tracking those in the United States due to the linked exchange rate system.