Hong Kong raises key interest rate by 75 basis points

Eddie Yue
HKMA chief executive Eddie Yue

The Hong Kong Monetary Authority raised its benchmark interest rate by 75 basis points today (July 28), following the US Federal Reserve’s increase hours earlier.

The HKMA increased the base rate to 2.75% after the Fed announced its second consecutive 75bp hike on July 27. HKMA chief executive Eddie Yue said the city’s economy would withstand tightening US monetary policy, but said mortgages were likely to become more expensive.

Hong Kong’s monetary policy largely tracks that of the US as the

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