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MNI BRIEF: HKMA Tracks Fed, Lifts Base Rate 75bp

MNI (BEIJING)
(MNI) Beijing

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.

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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.

Keep reading...Show less