Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001654954-25-004763
Chunk: 49

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 49
---
3 | -2Q26 |
| Central bank policy rate                         
 (%, min)2                                        |  3.5 | -1Q26 |  3.6 | -1Q26 |       4.0 | -1Q26 |            2.6 | -2Q26 |    1.5 | -4Q25 |  3.7 | -1Q26 |    6.8 | -4Q25 |

1 Cumulative change to the highest level of the series during the 20-quarter projection.

2 Lowest projected unemployment or policy rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate.

3 Lowest projected year-on-year percentage change in inflation in the scenario.

| Consensus Upside scenario 2025-2029 (as at 4Q24) |      |       |      |       |           |       |                |       |        |       |      |       |        |       |
|                                                  |   UK |       |   US |       | Hong Kong |       | Mainland China |       | France |       |  UAE |       | Mexico |       |
| GDP level                                        
 (%, start-to-peak)1                              | 11.3 | -4Q29 | 13.6 | -4Q29 |      21.4 | -4Q29 |           27.5 | -4Q29 |    8.9 | -4Q29 | 28.9 | -4Q29 |   13.6 | -4Q29 |
| Unemployment rate                                
 (%, min)2                                        |  3.5 | -3Q26 |  3.6 | -1Q26 |       2.9 | -4Q29 |            4.9 | -4Q26 |    6.4 | -4Q26 |  2.2 | -4Q26 |    3.0 | -1Q25 |
| House price index                                
 (%, start-to-peak)1                              | 24.2 | -4Q29 | 23.6 | -4Q29 |      25.3 | -4Q29 |            9.8 | -4Q29 |   22.8 | -4Q29 | 26.1 | -4Q29 |   31.7 | -4Q29 |
| Inflation rate                                   
 (