HSBC's (HKG:0005) Hong Kong unit slashed its best lending rate in the city by 12.5 basis points to 5.25% from 5.375% effective Friday, according to a Thursday press release by the lender.

The cut follows a 25-basis-point reduction in the base rate of the Hong Kong Monetary Authority.

"The future path of rates remains highly uncertain going into 2025," HSBC Hong Kong Chief Executive Officer Luanne Lim said.

BOC Hong Kong (HKG:2388) cut its Hong Kong dollar prime rate to 5.25% from 5.375% while Standard Chartered (HKG:2888) also lowered its best lending rate by 12.5 basis points to 5.5%, The Standard reported separately.