This week, 9 banks in Hong Kong have raised their fixed deposit interest rates, with the highest annualized interest rate for six-month fixed deposits reaching 3.625%.

On November 24th, Jinshi Data reported that nine banks increased their fixed deposit interest rates this week (three more than last week), namely, Popular Finance, Jiyou, ICBC, CCB, PAObank, Furong, Shangshang, Bank of Communications and Fubon. Among them, Fubon lowered interest rates three times in the first half of the month, and now it has finally turned back and raised interest rates. On the other hand, four Hong Kong banks lowered their fixed deposit interest rates (the same as last week), namely, Taixin, DBS, OCBC and Popular, of which Taixin withdrew 0.04% interest. In November, entering the second half of the month, only one deposit period underwent a major reshuffle in the high-interest list: half a year. Popular Finance increased 0.125% for three months, four months, and half a year, and the new interest rate was 3.625%, surpassing OCBC’s 3.6% to rank first in terms of half a year. Looking forward to next week’s market, in the face of the competition for funds and the approaching monthly settlement, the expected rise in interest rates, it is expected that small and medium-sized banks will continue to vigorously compete for deposits.