Hong Kong's composite interest rate falls to 0.98% in March

HONG KONG, April 17 (Xinhua) -- Hong Kong's composite interest rate fell to 0.98 percent at the end of March, from 1.35 percent at the end of February, the Monetary Authority of Hong Kong said Thursday.

Following a fall of 33 basis points in February the 37-basis- point fall in the March composite interest rate reflected across- the-board drops in local interest rates, including savings, time deposit and interbank interest rates.

Authority Deputy Chief Executive Peter Pang said Thursday he expected the composite interest rate to be further affected by changes in U.S. interest rates and domestic liquidity conditions.

Local interbank offering rates fell 18 to 130 basis points across the board in March. Banks cut their best lending rates by 50 basis points on March 20 and lowered savings deposit rates on lesser magnitudes.