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Hong Kong's central bank cuts base rate to 0.86% after Federal Reserve move

WH_The Hong Kong Monetary Authority (HKMA) _1603221.jpg
The Hong Kong Monetary Authority (HKMA) lowered its base rate charged through the overnight discount window to 0.86 per cent on Monday, after the US Federal Reserve delivered a rate cut.

[HONG KONG] The Hong Kong Monetary Authority (HKMA) lowered its base rate charged through the overnight discount window to 0.86 per cent on Monday, after the US Federal Reserve delivered a rate cut.

HKMA earlier this month lowered its base rate to 1.5 per cent tracking the rate cut by the Fed.

Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback at a tight range of 7.75-7.85 per dollar.

REUTERS