Six major Hong Kong lenders, including the city’s three note-issuing banks – HSBC, Standard Chartered and Bank of China Hong Kong (BOCHK) – cut their lending rates for the second time this year, reducing the cost of borrowing to the smallest. level in two years.

BOCHK, HSBC and its subsidiary Hang Seng Bank will cut their base rate by 25 basis points to 5.375 percent from Monday, according to separate statements. This is the lowest since November 2022.

Standard Chartered, Bank of East Asia and ICBC (Asia), the local unit of China’s biggest lender, will also cut their base rate by 25 basis points to 5.625 percent from Monday.

With the exception of Standard Chartered, the other five lenders will cut the savings rate by the same margin to 0.375% per annum on deposits above $US5,000 ($640) and maintain zero interest on deposits below that amount. Standard Chartered will reduce its savings rate to the same level, but for deposits above $1.

“In light of another US interest rate cut and factors including economic and market conditions, HSBC has decided to reduce its Hong Kong dollar deposit and lending rates,” said the Hong Kong managing director Luanne Lim in statement. “We will continue to monitor the external environment and the local economic outlook, ready to adjust our rates as necessary.”