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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: HKMA Tracks Fed, Lifts Base Rate 75bp
Hong Kong’s base interest rate was increased 75bp to 4.25% on Thursday, according to the Hong Kong Monetary Authority (HKMA).
The sixth hike this year follows the Federal Reserve's decision to lift U.S. interest rates by the same amount. (SEE MNI FED WATCH: Powell Nods To Slower Hikes, Higher Rate Peak - Bonds & Currency News | Market News). The HKMA mirrors U.S. monetary policy moves to maintain its Linked Exchange Rate System that pegs the Hong Kong dollar to the U.S. dollar.
The monetary tightening further dampens Hong Kong’s economic outlook, with Q3 GDP data released this week showing a contraction of 4.5%. (SEE MNI BRIEF: Hong Kong's Q3 GDP Slumps 4.5% As Exports Decline)
HKMA chief executive Eddie Yue this week defended the Hong Kong dollar's peg with the U.S. dollar. The peg “provides the needed exchange rate stability in uncertain times, but of course with monetary policy there will be trade off,” he told CNBC on Nov 1.
Chief Executive of Hong Kong SAR John Lee said on Nov 2 that he believed the continued lifting of Covid restrictions would help boost the economy. (SEE MNI BRIEF: HK To Continue Lifting Covid Restrictions)To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.