Wednesday, October 5, 2022
HomeEconomyHong Kong's central bank raises rates after Fed hike

Hong Kong's central bank raises rates after Fed hike

HONG KONG (Reuters) – The Hong Kong Monetary Authority (HKMA) on Thursday raised 75 basis points to 3.5% of its benchmark interest rate charged through the overnight discount window. The Fed raised rates by the same amount.

Since Hong Kong’s currency is pegged to the United States, Hong Kong’s monetary policy is in sync with the United States USD/USD at 7.75- 7. Within a narrow range of .

The Federal Reserve raised 75 basis points on Wednesday for its third straight rate cut and signaled that borrowing costs will continue to rise, underscoring the U.S. central bank’s unrelenting stance in its fight to curb inflation determination.

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