Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 288

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 288
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 -0.3 | -4Q24 |
| Unemployment rate (%, max)2                        |   6.4 | -1Q25 |  5.6 | -4Q24 |       4.7 | -4Q25 |            6.9 | -4Q25 |    8.5 | -4Q24 | 3.7 | -4Q25 |    3.5 | -4Q25 |
| House price index (%, start-to-trough)1            | -12.0 | -2Q25 | -1.3 | -3Q24 |      -9.6 | -4Q24 |           -7.1 | -3Q25 |   -1.2 | -3Q24 | 0.3 | -1Q24 |    1.2 | -1Q24 |
| Inflation rate (YoY % change, max)3                |   4.1 | -1Q24 |  3.5 | -4Q24 |       3.8 | -3Q24 |            3.5 | -4Q24 |    3.8 | -2Q24 | 3.0 | -1Q24 |    6.5 | -4Q24 |
| Central bank policy rate (%, max)2                 |   5.7 | -1Q24 |  5.6 | -1Q24 |       6.0 | -1Q24 |            3.2 | -3Q24 |    4.2 | -1Q24 | 5.7 | -1Q24 |   12.0 | -3Q24 |

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

2 The highest projected unemployment or policy interest rate in the scenario. For mainland China, the rate shown is the Loan Prime Rate. In prior periods, including

the 4Q23 disclosure, the reference rate shown for mainland China was the Lending Rate.

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

Downside 2 scenario The Downside 2 scenario features a deep global recession and reflects management’s view of the tail of the economic distribution. It incorporates the crystallisation of a number of risks simultaneously, including significant increases in tariffs globally, where the US imposes particularly high and punitive tariffs on imports from mainland China and