HSBC boosts deposit rates

The Hong Kong and Shanghai Banking Corporation raised the 12-month time deposit rate for the local currency and the greenback to 2.1 percent yesterday, with the aggregate balance set to drop to HK$129.3 billion today.

The fixed deposit rate for the Hong Kong dollar for 12 months was increased to 2.1 percent, the fixed deposit rate for the Hong Kong dollar for six months was increased to 1.7 percent, and the fixed deposit rate for three months was increased to 1 percent.

OCBC Wing Hang Bank also raised its one-year Hong Kong dollar fixed deposit rate to 3.18 percent, surpassing Fubon Bank's 3.1 percent, and becoming the highest rate offered in Hong Kong.

Besides, HSBC also raised the one-year US dollar fixed deposit rate to 2.1 percent from 2 percent, and the three-month and six-month fixed deposit rates to 1.2 percent and 1.8 percent from 1 percent and 1.6 percent respectively.

In terms of one-year Hong Kong dollar fixed deposit rates, Standard Chartered's 2.4 percent is still the highest among the four major banks in Hong Kong.

Meanwhile, the Hong Kong Monetary Authority purchased another HK$14.2 billion to defend the local currency's peg to the US dollar yesterday, which will make the aggregate balance drop to HK$129.3 billion today.

In other news, the one-month Hong Kong Interbank Offered Rate jumped to 1.43 percent yesterday, which was 0.129 percent higher than yesterday and the highest since April 2020.