Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 286

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 286
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 4.8 | -4Q25 |    6.2 | -4Q25 |  2.0 | -4Q25 |    2.4 | -3Q24 |
| House price index (%, start-to-peak)1            | 13.0 | -4Q28 | 21.9 | -4Q28 |      17.9 | -4Q28 |           19.7 | -4Q28 |   19.6 | -4Q28 | 34.2 | -4Q28 |   30.6 | -4Q28 |
| Inflation rate (YoY % change, min)3              |  1.3 | -2Q25 |  1.4 | -1Q25 |       0.3 | -4Q24 |            0.6 | -3Q24 |    1.5 | -3Q24 |  1.4 | -1Q25 |    2.7 | -1Q25 |
| Central bank policy rate (%, min)2               |  3.7 | -3Q28 |  3.7 | -2Q27 |       4.1 | -1Q27 |            3.1 | -3Q24 |    2.6 | -2Q26 |  3.7 | -1Q27 |    7.8 | -2Q25 |

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

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

Downside scenarios Downside scenarios explore the intensification and crystallisation of a number of key economic and financial risks. These include a more material escalation of tariff policies and geopolitical tensions, which disrupt key commodity and goods markets, causing inflation and interest rates to rise, and creating a global recession. As the geopolitical environment remains volatile and complex, risks include: – an increase in protectionist policies, as countries that impose tariffs are met with retaliatory actions. This lowers investment, complicates international supply chains, and impedes trade flows; – broader and more prolonged conflicts in the Middle East and between