Hong Kong central bank raises interest rate after Federal Reserve hike
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 75 basis points to 3.5 per cent, hours after the US Federal Reserve delivered a rate hike of the same margin.
Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.
The Fed delivered its third straight rate increase of 75 basis points on Wednesday and signalled borrowing costs would keep rising, underscoring the US central bank’s resolve not to let up in its battle to contain inflation. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Beijing’s calculated silence on the Iran war
Middle East-linked energy supply shocks put Asean Power Grid back in focus
