HKMA cuts discount rate by full percentage point

The Hong Kong Monetary Authority (HKMA) on Wednesday cut the rate at which it lends to banks through its discount window by 100 basis points.

HKMA has traditionally charged banks 150 basis points above the higher of either Federal Reserve's federal funds target or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates to borrow from the discount window. But it will now charge 50 basis points above the higher of the two instead.

Joseph Yam

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