Who'd be a Hong Kong saver?

AS HSBC cuts savings rate to record low, the equity market can only benefit.

On Friday HSBC announced that it was cutting its Hong Kong dollars savings rate to 0.001%. Where cash used to be king, it is now earning a pittance. Indeed, those people who leave their money under the mattress are scarcely any worse off than those that keep it in the bank in Hong Kong.

The more high net worth - ie those with more than HK$1 million on deposit - do benefit from a bonus interest rate, but at 0.005%, it isn't much of a bonus to be frank.

The fact of the matter is that HSBC's cut is more psychological than anything else. Its previous savings rate was...

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