Cryptocurrency Q&A
Is Hong Kong interest 360 or 365?
Is Hong Kong interest 360 or 365?
BlockchainLegendary
Thu May 23 2024
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5 answers
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Could you please clarify for me: when calculating interest rates in Hong Kong, is the standard basis 360 days or 365 days? This detail seems crucial in accurate financial calculations, and I'm eager to understand the local convention. Would it be possible to provide some insight into this matter? It would greatly assist me in my financial planning and decision-making. Thank you in advance for your clarification.
5 answers
CryptoWizardry
Sat May 25 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services that cater to the needs of crypto enthusiasts and investors. Among its offerings are spot trading, futures trading, and wallet services. These services provide users with convenient and secure ways to buy, sell, and store cryptocurrencies.
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RubyGlider
Sat May 25 2024
The calculation method for interest is primarily determined by the type of currency involved. For SGD, GBP, and HKD, the interest is calculated based on a 360-day year. This approach ensures accuracy and consistency in interest computations for these specific currencies.
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DongdaemunTrendsetterStyleIconTrend
Sat May 25 2024
However, for the remaining foreign currencies, a different calculation method is employed. In these cases, the interest is calculated based on a 365-day year. This reflects the general convention used in the financial industry for most currencies.
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DreamlitGlory
Sat May 25 2024
It's important to note that these calculation methods are not arbitrary. They are based on industry standards and practices that have been established over time to ensure fairness and transparency in financial transactions.
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WhisperWindLight
Sat May 25 2024
Cryptocurrency and finance are intricate fields that require professional practitioners to navigate. Interest calculation is a crucial aspect of these domains, particularly when dealing with various foreign currencies.
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