Hsbc prime rate cut
VANCOUVER - HSBC Bank Canada says it will lower its prime lending rate by 50 basis points effective tomorrow. The bank says in a statement the rate will be 2.95 per cent — down from 3.45 per cent. The city’s battered property market is also expected to get a boost from lower mortgage rates. HSBC Holdings PLC, Hang Seng Bank and Bank of China (Hong Kong) said Thursday they would cut their prime lending rates by 12.5 basis points, or an eighth of a percentage point, to 5%. A basis point is a hundredth of a percentage point.