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Hong Kong Reduces Policy Rate by 25 Basis Points
(MENAFN) The Hong Kong Monetary Authority (HKMA) reduced its benchmark interest rate by 25 basis points Thursday, tracking the US Federal Reserve's policy adjustment in accordance with the city's dollar-peg exchange rate system.
The base rate declined to 4% from 4.25%, the HKMA announced in an official statement.
The monetary authority's decision mirrors the Fed's rate reduction, with leading Hong Kong lenders—including HSBC, Standard Chartered, and Bank of China (Hong Kong)—anticipated to implement corresponding cuts to their lending rates.
This marks the HKMA's third reduction of the year, maintaining lockstep with the Fed's policy trajectory. The Fed executed prior 25-basis-point cuts in both September and October, with the HKMA implementing matching adjustments each time.
Wednesday saw the Fed trim its policy rate by 25 basis points, establishing a 3.5%-3.75% target range amid weakening labor market conditions across the United States.
Hong Kong has shadowed Fed monetary policy decisions since 1983, when the region established its currency peg linking the Hong Kong dollar to the US dollar.
The base rate declined to 4% from 4.25%, the HKMA announced in an official statement.
The monetary authority's decision mirrors the Fed's rate reduction, with leading Hong Kong lenders—including HSBC, Standard Chartered, and Bank of China (Hong Kong)—anticipated to implement corresponding cuts to their lending rates.
This marks the HKMA's third reduction of the year, maintaining lockstep with the Fed's policy trajectory. The Fed executed prior 25-basis-point cuts in both September and October, with the HKMA implementing matching adjustments each time.
Wednesday saw the Fed trim its policy rate by 25 basis points, establishing a 3.5%-3.75% target range amid weakening labor market conditions across the United States.
Hong Kong has shadowed Fed monetary policy decisions since 1983, when the region established its currency peg linking the Hong Kong dollar to the US dollar.
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