[U.S. interest rate cut by half] HSBC maintains the best rate of 5% unchanged Low interest rate environment or continued

Financial news

Written by: Xu Shihao

2020-03-04 12:28

The US Federal Reserve suddenly announced a 0.5% interest rate cut, and the federal funds rate target was reduced to 1 to 1.25%, the lowest in more than two years. The decrease was the largest since the financial tsunami in December 2008.

The market is concerned about whether Hong Kong Bank will follow. HSBC took the lead in announcing that it would keep the best interest rate unchanged at 5%. In addition, the Hong Kong dollar savings account interest rate has also remained unchanged, with an annual interest rate above 5,000 yuan being 0.001%, and below 5,000 yuan is zero.

The bank last adjusted the best interest rate on November 1 last year, and the interest rate was cut by 12.5 pips that day. HSBC Hong Kong Chief Executive Officer Shi Ying Yin said that maintaining the relevant interest rates at current levels mainly takes into account the macroeconomic environment, capital market demand and supply of Hong Kong dollars, and the market competition environment.

She also said that the low interest rate environment is likely to continue for some time and will continue to closely monitor the economic situation and review the bank's interest rate levels in due course.

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