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<HK Home>M Stanley: HK Banks' 12.5Bps P-rate Cut In Line, Alleviating Margin Pressure from HIBOR Cut
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Following the 25bps rate cuts by the US Federal Reserve and the Hong Kong Monetary Authority (HKMA), a number of local banks mirrored the cuts by reducing their prime rates by 12.5 bps, which is the third time this year that the prime rates have been lowered and is in line with Morgan Stanley's expectations, according to the broker’s report. Since the savings balance is about 2.3x that of the mortgage book, the rate cuts by Hong Kong banks should help offset some of the margin pressure from falling HIBOR, Morgan Stanley said. AAStocks Financial News |
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