The end of the month is imminent, coupled with the rapid push of bank bonds, only 8 large and small banks have adjusted the Hong Kong dollar time deposit interest rate this week, 7 increased and 1 decreased.Let’s talk about rate hikers first, Daxin （02356）
On July 22 (Friday), short-term deposits were added, and Hang Seng raised the 3-month annual interest rate by 0.15% on Wednesday (July 20), and the new interest rate was reported at 1.2%. DBS and CCB Asia raised their annual interest rates for 3 months or more, Shanghai Commercial Finance and Public Finance raised interest rates across the board, and Public Bank raised interest rates twice a week.In contrast, Xiaomi （01810）
AirStar Bank, the leader, cut interest rates across the board for two consecutive days.
This week, the HKMA has taken money for many times, but the industry is generally reluctant towards the end of the month. Experts dismantle it because the world is focusing on the main event next Thursday (28th), whether the US Federal Reserve will raise interest rates by 0.75%.
The weekly high interest rate list only has a small position in the half-year period. Because Tianxing cut interest rates twice on Tuesday and Thursday, it fell out of the top three.On the contrary, DBS will add this deposit period of 0.2% to 2.2%, and follow ICBC (Asia) and East Asia. （00023）
, Bank of Communications Hong Kong and Dah Sing ranked second with 5 ranks, narrowly beating CMB Wing Lung’s 2.15. And Fubon continued to top the list with a breakout rate of 2.7%.
In terms of 1-year period, Fubon continued to take the top spot with 3%. It was followed by ICBC (Asia), a Chinese-funded bank that jumped 0.4% to 2.85% on July 8 and advanced to the runner-up.
As for the 3-month period, TOM Group （02383）
WeLaB Bank, which has a share, has a new 3-month price of 1.7%.
Da Sing added a 3-month annual interest rate of 0.2% to 2.2%, ranking third with Bank of Communications Hong Kong.
3.5% of bank bonds will be pushed as soon as August, and the bank will move after the plan
According to the market information, the bank bonds with a capital of 35 billion yuan will be sold as soon as August, with a guaranteed interest rate of 3.5%, and there is no long-term fixed interest rate exceeding 3% in the market. The elderly iBond is on sale for a period of time before raising interest rates.
Looking at the third week of July, there are three major focuses in the battle for survival, namely: (1) Hang Seng rarely makes a series of moves to grab short-term deposits, which suddenly increased by 0.15% for 3 months to 1.2%. On July 5th, after pushing the same short-term deposit of 1.3% to selected customers, they attacked again; (2) Tianxing originally had 2.2%, and it was the only virtual silver that entered the top 3 high interest rate list. After only 1.9%, the virtual silver high-yield card will no longer be available; (3) Shangshang specializes in small depositors. On Monday (July 18), it will launch a new online or mobile banking discount, and enjoy 1.28% for 1 year, although it is more expensive than Fubon. In the same period, there is a distance of 3%, but the threshold is only 1,000 yuan, which is much lower than the 500,000 yuan entrance fee for Fubon.
In addition, looking at the market situation in the second half of the year, a total of 9 small and medium-sized banks raised interest rates last week, and only East Asia bucked the market trend, but it was less than the 15 banks that made moves in the first week of July, including 3 note-issuing banks at that time.
Competing with big banks alone, BOCHK （02388）
1% in 3 months, outperforming HSBC’s 0.8%, Standard Chartered Hong Kong （02888）
0.7 centimeters. In half a year, Bank of China’s 1.6% top banknote issuer, HSBC’s 1.4%, and Standard Chartered’s 1.1%. The 1-year period is 2.4% of Standard Chartered’s top banknote-issuing bank, 2% of Bank of China’s, and 1.8% of HSBC.
Taking into account the small and medium-sized banks, after experiencing the interest rate adjustment wave that started in July, the 7-day annual interest rate was 6% of Jiyou’s high interest rate. 1 month is 5% of HSBC’s top, but subject to certain conditions such as participating in the designated stock reward plan of its trading platform. 3 months, half a year and 1 year were all topped by Fubon with 8.88%, 2.7% and 3% respectively. The 388-day period is a double crown, and both Overseas Chinese Wing Hang and ICBC Asia are 3%. The biennium topped the list at 2.8% for CMB Wing Lung.
Several special interest plans expire next Friday
By the way, many special interest rates will expire on the next Friday (29th). If there is no extension, the final call is now being held, including Citi 3 months with 2.48%, OCBC Wing Hang 388 days and Fubon 1 year 3 PCT and so on. Similarly, the 3-month 8.88% of Guanquan City is also counting down. New customers successfully open a designated account in Fubon Fubon Go program before the end of July, and then open a fixed deposit with new funds before the end of August, with a ceiling of 15,000 yuan Calculated, earning interest of 333 yuan, each customer can only receive a reward.
On the other side, the one-month interest rate rose 7 consecutively, and finally broke through the 1% new level and reported 1.01%, a new high in more than two years. Since mid-May, the HKMA has entered the market more than 20 times, and has undertaken a total of over HK$172.6 billion in selling orders. The aggregate balance of banks has fallen below HK$170 billion, which has shrunk by more than half from HK$337.5 billion at the beginning of the year.
Xie Dongming, an economist at OCBC Bank, believes that the Federal Reserve will announce the results of the interest rate meeting at 00:00 Hong Kong time on Thursday. Will rise steadily, as hawkish stances are everywhere.
Morgan Stanley and CNCBI expect that Hong Kong will raise the P rate (prime rate) as soon as September, and Citigroup estimates that it will not increase until the end of this year.
BOC trade loan repayment period extended to end of October
On the other hand, banks have temporarily shifted their focus to support the relief measures for interest repayment without principal repayment. For example, BOCHK fully cooperates and supports the HKMA and the “Banking Sector Loan Coordination Mechanism” in “pre-approved interest repayment without principal repayment”. Under the plan, the repayment period of trade finance loans will be extended by 90 days for eligible corporate customers until the end of October this year.
Zhuang Fangyi, Deputy General Manager of the Commercial and Financial Department of BOCHK, said a few days ago, “Hong Kong’s economy has just begun to stabilize after the fifth wave of the epidemic, but there are still many uncertainties in the prospects of import and export trade, and the external environment is uncertain. Facing operating pressure, BOCHK will continue to provide SMEs with suitable financial solutions through various financial support measures and diversified digital banking services, and work with them to cope with the challenges of the business environment.”
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Special correspondent: Zeng Guifen
Responsible editor: Chen Chuyuan