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U.S.Economy: 
HK Composite Interest Rate Falls to 0.98%
Author: 123jump.com Staff
123jump.com
Last Update: 10:18 AM EDT April 17 2008


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The composite interest rate, which reflects the average cost of funds of banks, fell by 37 basis points to 0.98% at the end of March 2008, from 1.35% at the end of February 2008. This followed a decrease of 33 basis points in February 2008.

 
The following is the unedited transcript of the news release from Hong Kong Monetary Authority, HK

The Hong Kong Monetary Authority (HKMA) announced today the composite interest rate at the end of March 2008.

The composite interest rate, which reflects the average cost of funds of banks, fell by 37 basis points to 0.98% at the end of March 2008, from 1.35% at the end of February 2008. This followed a decrease of 33 basis points in February 2008. The fall in the composite interest rate in March 2008 reflected downward adjustments across-the-board of local interest rates, including savings and time deposit rates, as well as interbank interest rates.

""The average cost of funds has dropped in recent months along with the fall in US interest rates. Looking ahead, the composite interest rate will continue to be influenced by changes in US interest rates and domestic liquidity conditions,"" said Mr Peter Pang, Deputy Chief Executive of the HKMA.

Available at:

href=http://www.info.gov.hk/hkma/eng/press/index.htm>http://www.info.gov.hk/hkma/eng/press/index.htm
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