Company: HBCYF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001089113-25-000052
Chunk: 61

Company: HSBC HOLDINGS PLC
Filing Date: 2025-07-30
Form: 6-K
Chunk 61
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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 (YoY % change, min)3              |  1.4 | -1Q26 |  1.6 | -2Q26 |     -0.1 | -4Q25 |          -1.0 | -4Q25 |    0.1 | -4Q25 |  0.6 | -4Q25 |    3.1 | -2Q26 |
| Central bank policy rate (%, min)3               |  3.6 | -4Q25 |  3.6 | -1Q29 |      4.0 | -1Q29 |           2.7 | -1Q26 |    1.4 | -3Q25 |  3.6 | -1Q29 |    7.6 | -1Q26 |

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

2 Lowest projected unemployment in the scenario.

3 Highest/lowest projected policy rate and year-on-year percentage change in inflation in the scenario. For mainland China, the policy rate shown is the Loan Prime rate.

| HSBC Holdings plc Interim Report 2025 on Form 6-K |
| 50                                                |

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

Downside scenarios

Downside scenarios explore the intensification and crystallisation of a

number of key economic and financial risks. The scenarios are

modelled so that economic shocks drive consumption and investment

lower and commodity prices fall. The nature of the shock varies with

the evolution of the risk profile of each country.

For most markets, inflation and interest rates are lower in the

downside scenarios compared with the Central scenario. The notable

exceptions are