Major Hong Kong banks followed with HSBC cutting its Hong Kong dollar best lending rate by 25 basis points and Bank of China (Hong Kong) also cutting its Hong Kong dollar prime rate by the same magnitude.
"In light of another US rate cut and factors including economic and market conditions, HSBC decided to lower its Hong Kong dollar deposit and lending interest rates," Luanne Lim, chief executive officer, Hong Kong, HSBC, said in a statement.
