HONG KONG, March 19 Hang Seng Bank (0011.HK) said
on Wednesday it would cut its best lending rate in Hong Kong by
50 basis points to 5.25 percent.
The new rate will come into effect from Thursday, the bank
The Hong Kong Monetary Authority earlier on Wednesday lowered
the base rate charged through its overnight discount window by 75
basis points to 3.75 percent, after the U.S. Federal Reserve cut
benchmark interest rates by 75 basis points to 2.25 percent in a
bid to shore up a weakening U.S. economy.
Hong Kong tracks U.S. interest rate moves because its
currency is pegged to the U.S. dollar but local banks have some
leeway to lag U.S. moves when setting prime rates.
(Reporting by Christina Lo; editing by Ken Wills)