Business
Hong Kong Financial Officials Warn Borrowers of Funding Cost Delays Amid Slow Prime Rate Cuts
Financial authorities in Hong Kong have cautioned lenders to prepare for a potential increase in financing costs. Financial Secretary Paul Chan has suggested that the speed of reductions in the prime rate, which is used by commercial banks, could be slower than in the United States.
Financial authorities in Hong Kong have warned the public to be prepared for a delay between their financing expenses and the city's basic interest rate. They advised caution to avoid excessive borrowing in the face of sluggish economic expansion.
Financial Secretary Paul Chan Mo-po suggested that the rate at which the primary rate used by the city's commercial banks is cut might be slower than that in the United States. This is due to the fact that these modifications are determined by fund flows and various other factors.
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