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HK banks raise interest rates

cctv.com 03-21-2005 11:00

Major banks in Hong Kong are raising both savings and best lending interest rates. This is the first time that the region's banks are announcing rates revision before the United States is expected to make a rate adjustment.

Experts are expecting the US Federal Reserve will hike interest rates by a quarter percentage point this week. H-S-B-C on Monday raised its savings and best lending rates to 0.25 percent and 5.25 percent respectively. Other major banks including Hang Seng Bank, Bank of China Hong Kong, Standard Chartered and I-C-B-C Asia have also made the same announcement. Local officials say the revision on rates can help eliminate uncertainties on both the property and capital markets. Insiders from real estate sector say the market had already anticipated the rates' upward revision, and a slight rise will not bring much impact, as the region's overall economy is recovering.

Editor:Hu Hang  Source:CCTV.com


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