Bank raises HK dollar time deposit rates

Business | 24 Jun 2019 1:31 pm

The Hongkong and Shanghai Banking Corporation announced it will raise  the Hong Kong dollar time deposit interest rates and lower the long-term US dollar time deposit interest rates in light of changes in market interest rates.

The bank increased the three-month, six-month and 12-month Hong Kong dollar new funds time deposit rate by about 20 basis points. The three-month new funds time deposit rate increases to 1.8 percent to 2.1 percent a year, while the six-month time deposit rate climbs to 1.85 percent to 2.15 percent a year. The 12-month time deposit rate increases to 2 percent to 2.2 percent a year.

Meanwhile, HSBC reduced the 12-month and 18-month US dollar new funds time deposit rate by 20 basis points, respectively.

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