Hong Kong cuts interest rates as economy enters recession

Hong Kong protests August 2019
Hong Kong has been rocked by a wave of protests in recent months
Studio Incendo

The Hong Kong Monetary Authority (HKMA) cut its policy rate for the third time in a row today (October 31), following the Federal Reserve’s easing move the previous day.

The city’s de facto central bank cut its base lending rate by 25 basis points to 2%, effective immediately. Data released after the decision suggests Hong Kong has crashed into a sharp recession, with two consecutive quarter-on-quarter contractions.

Hong Kong’s economy is facing heavy downward pressure, partly because of “some

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