Hong Kong central bank raises interest rate after Fed hike

HONG KONG:   The Hong Kong Monetary Authority (HKMA) on Thursday (Sep 22) raised its base rate charged with the overnight discount windows by 75 base points to 3 or more. 5%, hours after the ALL OF US Federal Reserve delivered a rate hike of the same margin .

Hong Kong’s monetary plan moves in lock-step with the United States’ as the city’s currency is pegged to the greenback in a tight range of 7. seventy five to 7. 85 per dollar.

The Fed delivered its third directly rate increase associated with 75 basis factors on Wednesday and signalled borrowing expenses would keep rising, underscoring the US central bank’s resolve never to let up in its battle to include inflation.