Prime rates of major HK based banks remain unchanged

Bank of China (Hong Kong) Limited, Hong Kong Shanghai Banking Corporation, Hang Seng Bank and Bank of East Asia Limited announced Thursday that their Hong Kong dollar prime rate and savings deposit rate will remain unchanged.

The announcement was made respectively following the U.S. Federal Reserve raised its benchmark short-term rate on Wednesday by a quarter-percentage point to 5 percent, the 16 consecutive time since June 2004 and the highest level in five years.

The Bank of China (Hong Kong) Limited and the Bank of East Asia Limited said their HK dollar prime rate and savings deposit rates by 8.25 percent p.a. and 3.00 percent p.a. respectively.

Hong Kong Monetary Authority Chief Executive Joseph Yam said Thursday morning there might be differences in the pace of interest-rate revisions between Hong Kong and the United States, adding the U.S. interest rates will not be adjusted downward in the near term.

Source: Xinhua