Company: HBCYF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001089113-25-000052
Chunk: 65

Company: HSBC HOLDINGS PLC
Filing Date: 2025-07-30
Form: 6-K
Chunk 65
---
Y % 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 Due to the calibration of inflation and interest rates in 2Q, the table shows highest year-on-year percentage change in inflation and projected policy rates for the

US and Mexico, but lowest for other countries. 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 mainland China, the policy rate shown is the Loan Prime rate.

| HSBC Holdings plc Interim Report 2025 on Form 6-K |
| 51                                                |

| Overview |     | Interim management report |     | Interim condensed consolidatedfinancial statements |     | Additional information |
|          |     | Risk                      |     |                                                    |     |                        |

Scenario weightings Scenario weightings are calibrated to probabilities that are determined with reference to consensus forecast probability distributions. Management may then choose to vary weights if they assess that the calibration lags more recent events, or does not reflect their view of the distribution of economic and geopolitical risk. Management’s view of the scenarios and the probability distribution, takes into consideration the relationship of the consensus scenario for both internal and external assessments of risk. In the second quarter of 2025, key considerations around uncertainty attached to the Central scenario projections focused on: – US import tariffs and bilateral tariff escalation globally. Discussion noted the impact on trade and manufacturing supply chains and the uncertainty attached to tariff rate assumptions; – the outlook for real estate in our key markets, particularly in the US, UK, Hong Kong and mainland China; – some