HKMA hikes rates as Asia takes Fed decision in stride

Hong Kong

The Hong Kong Monetary Authority (HKMA) followed in the footsteps of the Federal Reserve on December 17, raising its benchmark interest rate with "immediate effect" for the first time in nearly a decade.

The HKMA raised the base rate by 25 basis points to 0.75%, shortly after the Fed announced an equal-sized increase in the Federal funds rate to a target range of 0.25–0.50%.

Commenting on the move, HKMA chief executive Norman Chan warned in a statement the Fed hike would likely herald capital

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