(Yicai Global) Oct. 31 -- HSBC has cut the prime lending rate for the first time since Feb. 2008, following a series of cuts originating from the US, aimed at buoying the economy.

Hong Kong-headquartered HSBC pared the prime rate by 12.5 basis points to 5 percent today. 

The Hong Kong Monetary Authority decreased its key interest rate by 25 basis points to 2.00 percent this morning, following a similarly sized reduction by the US Federal Reserve regarding its overnight lending rate. This is the third time that the Fed has cut the rates this year. 

Editor: Emmi Laine