HSBC, Bank of China lower rates following Fed cut

Banking giant HSBC on Thursday said it was cutting its best lending rate in Hong Kong by 25 basis points to 5.625 percent from 5.875 percent effective September 20. Bank of China (Hong Kong) also said it was lowering its lending rates by a quarter of a percentage point. This followed a 50 basis points cut in the base rate charged through the overnight discount window of the SAR's de facto central bank. Earlier on Thursday, the Hong Kong Monetary Authority cut the rate to 5.25 percent, hours after a rate cut of the same magnitude by the US Federal Reserve. (Reuters)