HKMA raises interest rate after Fed’s hike

Eddie Yue says US rate rises will not affect Hong Kong’s stability

hong-kong-monetary-authority
The Hong Kong Monetary Authority

The Hong Kong Monetary Authority raised its benchmark interest rate by 75 basis points today (November 3), hours after the US Federal Reserve’s hike.

The HKMA increased its base rate charged via the overnight discount window from 3.5% to 4.25% – the highest level in 14 years. The central bank has so far delivered six rate hikes this year, for a total of 375 basis points.

Hours earlier, the Federal Open Market Committee raised the federal funds rate to a target range of 3.75–4%, its highest

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