HSBC, BOCHK, Standchart HK cut rates again by 0.125 percentage points

Hong Kong's three note-issuing banks will cut their prime rates by 0.125 percentage points for the second time this year, following an interest rate cut by the US Federal Reserve. 

The Hongkong and Shanghai Banking Corporation and BOC Hong Kong (2388) will trim the rates to 5 percent from 5.125 percent, after a cut in mid-September. 

Standard Chartered Hong Kong will also lower the rate by 0.125 percentage points to 5.25 percent.

The rate for their Hong Kong dollar savings deposits will also decrease by 0.125 percentage points to 0.125 percent after the adjustments. 

HSBC's cuts will take effect on Friday, while those of the other two will be effective on Monday. 

HSBC Hong Kong's new chief executive Maggie Ng reiterated that the cut is appropriate considering the US rates decision and the local market conditions, and that the lender will continue to monitor the external environment and local economic outlook, and adopt an agile approach when evaluating future rate decisions.