The following is an unedited transcript of the news release from Hong Kong Monetary Authority, HK


The Hong Kong Monetary Authority (HKMA) announced today the composite interest rate at the end of April 2008:

The composite interest rate, which reflects the average cost of funds of banks, fell by 19 basis points to 0.79% at the end of April 2008, from 0.98% at the end of March 2008. This followed a decrease of 37 basis points in March 2008. The fall in the composite interest rate in April 2008 reflected downward adjustments of short-term interbank and time deposit rates, which more than offset the modest rise in funding cost for deposits with maturity over one month, while savings deposit rates were unchanged.

""""The average cost of funds has declined in recent months along with the fall in US interest rates. Looking ahead, the composite interest rate will continue to be influenced by changes in US interest rates and domestic liquidity conditions,"""" said Mr Peter Pang, Deputy Chief Executive of the HKMA.

The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of April 2008 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk). The next data release is scheduled for 19 June 2008 and will provide the composite interest rate at the end of May 2008.


Available at:

http://www.info.gov.hk/hkma/eng/press/press_f.htm