HONG KONG: HSBC Holdings said it was cutting its best lending rate in Hong Kong by 25 basis points to 5.625% from 5.875% effective Sept. 20.

That followed a 50 basis points cut in the base rate charged through the overnight discount window of the city’s de facto central bank.

HSBC records $21.6 billion pre-tax profit in first half 2024

Earlier on Thursday, the Hong Kong Monetary Authority cut the rate to 5.25%, hours after a rate cut of the same magnitude by the US Federal Reserve.