3.15
by
As a move to counter the pressure caused
speculation on a revaluation of the linked exchange rate, the
Hong Kong dollar deposit rates administered by the Hong Kong
Association of Banks (HKAB) were adjusted further downward in
(13). mid-August from an already rather low level
At the
end of September, the HKAB deposit rates ranged from 2% for
savings deposits to 4%
4% for 12-month deposits, and the best lending rate offered by the note-issuing banks was 6.5%.
The foreign exchange market
3.16
During the third quarter, the exchange rate of the
Hong Kong dollar against the US dollar remained stable around
the linked rate of HK$7.80 to US$1. In August, unfounded
speculation that the United States authorities might initiate currency talks with Hong Kong generated much upward pressure
on the market exchange rate. The pressure subsequently
subsided as the Government reaffirmed its policy of keeping
the linked rate unchanged. At the end of
of September, the
market exchange rate stood at HK$7.802 to US$1.
(13)
/3.17
Interest rates paid by member banks of the Hong Kong Association of Banks, and the best lending rate of the note-issuing banks (%):
Effective
from
Savings
1 month
3-month and 6-month
BLR
Į
24.6.85
2 3/4
3 1/2
3 1/2
8
15.7.85
2 1/4
3
3 1/4
7
19.7.85
1 3/4
2 1/2
2 3/4
6
2.9.85
2 1/4
3
3 1/4
7
1.4.86
3
3 3/4
4 1/4
8
12.5.86
2 3/4
3 1/2
4
16.8.86
2
2 3/4
3 1/4
7 1/2 6 1/2
30
No comments yet.
Private notes are available after approval.