HONG KONG
From Times Staff and Wire Reports
Banks Cut Prime Lending Rates: Banks cut their prime lending rate half a percentage point to 6.5% late last week after the colony’s Exchange Fund lowered the discount rate half a percentage point. The fund’s move followed a Federal Reserve cut in the U.S. discount rate. The Hong Kong dollar is fixed against the U.S. currency, and interest rate movements in the colony track those in the United States. The rate cut is likely to fuel inflation, which has been at 8.8% in the 12 months ending in May.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
