HSBC to raise prime lending rate to 5.875% after Hong Kong rate hike

HONG KONG (Reuters) – HSBC Holdings (NYSE:) said on Thursday it is raising its best lending rate in Hong Kong by 12.5 basis points to 5.875% effective July 28 after the city’s de facto central bank raised the base rate.

The Hong Kong Monetary Authority (HKMA) earlier on Thursday raised its base rate charged through the overnight discount window by 25 basis points to 5.75%, the highest in 16 years, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.

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