Company: HBCYF
Filing Date: 2025-10-28
Form Type: 6-K
Source: 0001654954-25-012267
Chunk: 59

Company: HSBC HOLDINGS PLC
Filing Date: 2025-10-28
Form: 6-K
Chunk 59
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 rate                             
 (YoY % change, max)3                       |  10.1 | -2Q25 |   4.9 | -4Q25 |   3.6 | -1Q26 |      3.8 | -4Q25 |    7.6 | -2Q25 |   3.7 | -2Q25 |    7.9 | -4Q25 |
| Central bank policy rate                   
 (%, max)3                                  |   5.5 | -1Q25 |   5.5 | -1Q25 |   5.9 | -1Q25 |      3.5 | -3Q25 |    4.2 | -1Q25 |   5.6 | -1Q25 |   12.1 | -3Q25 |

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

2 The highest projected unemployment in the scenario.

3 For 3Q25, the table shows the highest year-on-year percentage change in inflation and projected policy rates for the US and Mexico, and the lowest for other countries and territories. For the UAE and Hong Kong, the policy rate is also shown as the maximum, consistent with the operation of US dollar-linked exchange rates. For 4Q24, the table shows the peak value for both variables. For mainland China, the policy rate shown is the Loan Prime Rate.

The following table describes the probabilities assigned in each scenario.

| Scenario weightings, % |                  |    |    |      |                |        |     |        |
|                        | Standard weights | UK | US | Hong 
 Kong | Mainland China | France | UAE | Mexico |
| 3Q25                   |                  |    |    |      |                |        |     |        |
| Upside                 |               10 | 10 | 10 |   10 |             10 |     10 |  10 |     10 |
| Central                |               75 | 75 | 75 |   75 |             75 |     75 |  75 |     75 |
| Downside               |               10 | 10 | 10 |   10 |             10 |     10 |  10 |     10 |
| Downside 2             |                5 |  5 |  5 |    5 |