Hong Kong Central Bank Raises Rate, HSBC and Standard Chartered Follow

An attendant walks outside the entrance to Hong Kong Monetary Authority on Nov. 10, 2015. Bobby Yip/Reuters

HONG KONG—Hong Kong on Thursday raised its base rate by 75 basis points (bps) to 3.5 percent, prompting the largest commercial banks operating in the territory, including HSBC, to increase their best lending rates.

HSBC was the first bank in Hong Kong to announce it was raising its best lending rate by 12.5 basis points (bps) to 5.125 percent from 5.0 percent, effective Sept. 23, its first rate hike since September 2018.