Hong Kong's central bank lowered its benchmark interest rate on Thursday, i...
) also left its rate unchanged at 5.375%. Lenders have little room to trim rates given that HIBOR - the rate at which they borrow - remains elevated, said Carie Li, economist at OCBC Wing Hang Bank in Hong Kong.Hong Kong has one of the most expensive housing markets in the world and most mortgages are priced over HIBOR, or below the best lending rate, also known as the prime rate.
In neighbouring Macau, where the local currency is pegged to Hong Kong’s, the base rate was lowered by 25 bps to 2.5%, the local monetary authority announced on Thursday. Slowing global demand and the U.S.-China trade war also weighed on economic activity. Data on Wednesday showed Hong Kong’s economy grew less than expected in the second quarter, with some banks lowering their 2019 growth forecasts for the city.
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