A number of banks in Hong Kong cut their time deposit rates after the Hong Kong Monetary Authority slashed its interest rates by 50 basis points last week, The Standard reported Friday.
Citibank Hong Kong decreased its maximum interest rates for new clients who opened fixed deposit accounts with more than HK$50,000 and above to 3.5% per annum from 4.3%, the report said.
Dah Sing Banking's (HKG:2356) interest rates for six-month deposits will have an interest rate of 3.3%, lower than the 3.7% offered earlier, the report said. The offer is for selected customers, according to The Standard.
The Hong Kong Monetary Authority slashed its base rate by 50 basis points to 5.25% last week in line with the US Federal Reserve. The city's monetary policy has been in lockstep with the Fed since 1983 to keep the Hong Kong dollar's exchange rate stable.
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