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No more room for rate cuts in Hong Kong

By Rita Raagas De Ramos | 1 April 2008
Keywords: hsbc | interest rates

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HSBC says Hong Kong’s savings rate has already hit the floor and it is very unlikely – if not impossible – for savings rates to decline into negative territory.

The US Federal Reserve is expected to continue cutting its key federal funds target rate in the remainder of the first half of 2008, as the downside risk to growth remains, Janus Chan, an economist at HSBC in Hong Kong writes in a recent report.

Recent data suggests the outlook for US activity has weakened further. While the recent initiatives by the Fed, including fostering market liquidity, may help mitigate the liquidity crunch, the situation is seen as far from stabilising, Chan notes, explaining why further monetary loosening is expected in the US.

However, Chan ...

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