Hong Kong Association of Banks Acting: The downward trend of Hong Kong Interbank Offered Rate (HIBOR) is obvious. Whether to adjust the interest rate is determined by the banks themselves

Acting Chairman of the Hong Kong Association of Banks, Chen Shaozong, stated that the downward trend of the Hong Kong Interbank Offered Rate (HIBOR) is evident, but whether to adjust the interest rate is a commercial decision of individual banks. Banks will consider multiple factors and closely monitor changes in the external environment. He believes that the market's expectations for a rate cut by the United States are increasing, but with the approaching U.S. election, there are also uncertain factors affecting interest rate trends. The direction of a rate cut in Hong Kong is very clear, it's just a matter of time. Regarding the joint establishment of the "SME Financing Task Force" by the Hong Kong Monetary Authority and the Hong Kong Association of Banks, Chen Shaozong mentioned that the task force has held its first meeting with the participation of 14 active banks. He emphasized that banks have been in constant communication with the industry and have arranged sufficient staff to promptly process relevant applications and address queries from small and medium-sized enterprises