March 4, 2020 / 4:48 AM / a month ago

HSBC says maintains best lending rate unchanged at 5%

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/File Photo

HONG KONG (Reuters) - HSBC (0005.HK) (HSBA.L) maintains its best lending rate in Hong Kong unchanged at 5%, the bank said in a statement on Wednesday.

Hong Kong’s central bank lowered its base rate earlier in the morning by 50 basis points after the Federal Reserve’s emergency cut of the same margin on Tuesday. [nL4N2AX061]

The city's monetary policy tracks that of the United States as its currency HKD=D3 is pegged to the greenback.

The bank also said it will not change its savings rate for its Hong Kong dollar savings deposits.

Reporting by Donny Kwok and Noah Sin; Editing by Himani Sarkar

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