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FILE PHOTO-Eddie Yue Wai-man, Chief Executive of the Hong Kong Monetary Authority (HKMA) poses for a picture during an interview with Reuters in Hong Kong, China November 4, 2022. REUTERS/Tyrone Siu
02 Feb 2023 07:46AM (Updated: 02 Feb 2023 07:46AM)
HONG KONG : The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 25 basis points to 5.0 per cent, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.
Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.
In announcing its latest policy decision, the U.S. central bank scaled back to a quarter-percentage-point rate increase after a year of larger hikes and Fed Chair Jerome Powell suggested a “couple” more hikes coming.
