BOCHK raises interest rates

Bank of China (Hong Kong) Limited (BOCHK) announced on Wednesday that its Hong Kong dollar savings deposit rate will be raised from a maximum of 2.5 percent to 2.75 percent a year.

However, other Hong Kong leading banks as the HSBC, the Standard Chartered Bank and Hang Seng Bank have decided not to adjust the interests rates after the U.S. Federal Reserve raised its interest rate by another one quarter percentage point to 4.5 percent earlier in the day.

The BOCHK will also raise its prime rate from 7.75 percent to 8 percent a year.

Source: Xinhua