HSBC Holdings said it was cutting its best lending rate in Hong Kong by 25 basis points to 5.625% from 5.875% effective Sept. 20. That followed a 50 basis points cut in the base rate charged through the overnight discount window of the city's de facto central bank.

HSBC and Bank of China (Hong Kong) trimmed their prime lending rates by a quarter percentage point, leading the first rate cut among Hong Kong lenders since 2019.

HSBC Holdings cut its key benchmark rate in Hong Kong for the first time since 2019, a move likely to hit margins while bringing relief to homeowners and borrowers in the Asian financial hub. Read more at The Business Times.

Hong Kong's de facto central bank cut its base interest rate for the first time in four years in lockstep with the US Federal Reserve, kicking off a cycle of reductions that would help businesses and homeowners to reboot.

HSBC and Bank of China (Hong Kong) trimmed their prime lending rates by a quarter percentage point, leading the first rate cut among Hong Kong lenders since 2019.

The Hong Kong Monetary Authority (HKMA) on Thursday cut its base rate charged via the overnight discount window by 50 basis points to 5.25%, tracking a move by the U.S. Federal Reserve.