The Hongkong and Shanghai Banking Corporation is boosting its prime rate by 12.5 basis points to 5.125 percent from today. Standard Chartered Hong Kong and Bank of East Asia are lifting their rates by the same amount to 5.375 percent. And HSBC has increased its deposit rates for US dollars by 25 basis points to 0.5 percent. But "there is a very high chance for Hong Kong to record a negative gross domestic product growth for this year," Chan said. His comments came after the Hong Kong Monetary Authority raised its base rate by 75 basis points, keeping in step with the US Federal Reserve.

Source: The Standard September 22, 2022 19:12 UTC