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Newspaper Article
Hong Kong banks ignore rate cuts
2008
Overview
The U.S. Federal Reserve cut its rates by 0.50 percentage point Wednesday, and the Hong Kong Monetary Authority matched the move first thing Thursday, as it typically does to maintain the Hong Kong dollar's peg to the U.S. dollar. Hong Kong's commercial banks can go their own way, however. HSBC Holdings PLC unit Hongkong & Shanghai Banking Corp. kept its prime lending rate unchanged at 5.25%. So did Hang Seng Bank Ltd., which is controlled by HSBC, and BOC (Hong Kong) Ltd., the Hong Kong arm of Bank of China Ltd. Standard Chartered PLC's Hong Kong arm and Bank of East Asia Ltd. kept their prime rates at 5.50%. The banks didn't give a reason. They have kept the same rates since March, despite previous cuts. \"We're now in a once-in-a-century global financial crisis, and the traditional relationship between interbank rates and the central banks' policy rates no longer holds,\" said Joe Lo, an economist with Citigroup in Hong Kong.
Publisher
Dow Jones & Company Inc
Subject
