Hong Kong and Taiwan raise rates


Monetary authorities in Hong Kong and Taiwan kept to their policies of tracking the US federal funds rate, with both raising their policy rate after the Federal Reserve’s 75 basis point increase on June 15.

The Hong Kong Monetary Authority, which pegs its currency to the US dollar, announced a 75bp increase, to 2%. However, two major commercial banks in the city – Standard Chartered and HSBC – decided not to raise their own lending rates in line with the HKMA, Bloomberg reported.

Unlike the US

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