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mReferral: 'Prime Rate-Cut Cycle' Officially Ends as HK Prime Rate (P) Returns to Pre-Hike Levels
The US Fed concluded its policy meeting and announced a 0.25% rate cut, lowering the benchmark rate from the 4%-4.25% range to 3.75%-4%. On the same day, HSBC announced a best lend...
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mReferral: 'Prime Rate-Cut Cycle' Officially Ends as HK Prime Rate (P) Returns to Pre-Hike Levels
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The US Fed concluded its policy meeting and announced a 0.25% rate cut, lowering the benchmark rate from the 4%-4.25% range to 3.75%-4%. On the same day, HSBC announced a best lending rate (P) cut by 0.125% from 5.125% to 5%, effective Friday (31st).

Eric Tso, chief vice-president of mReferral Mortgage Brokerage Services, noted that the US raised rates 11 times during the 2022-23 rate-hike cycle, totaling 5.25%, while Hong Kong banks hiked rates only 5 times, totaling 0.875%.

The latest move marks the fifth time Hong Kong banks have lowered their prime rate (P) in the current rate-cut cycle, also totaling 0.875%, which means the prime rate (P) has returned to its pre-hike level. Theoretically speaking, Hong Kong banks' "prime rate-cut cycle" has officially come to an end.

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