Hong Kong raises base interest to fresh 15-year high after rate hike by US Fed
Hong Kong raises base interest to fresh 15-year high after rate hike by US Fed

Hong Kong raises base interest to fresh 15-year high after rate hike by US Fed

 

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The Hong Kong Monetary Authority raised its key interest rate to a fresh 15-year high in lockstep with the Federal Reserve’s move.

The city’s de facto central bank hiked its base rate to 5.5% from 5.25%, according to a statement on its website, marking the 10th straight increase over the past 14 months, after US policymakers unanimously voted to boost its target rate by a quarter point to a range of 5% to 5.25%.

HKMA CEO Eddie Yue Wai-man is expected to brief the local media at about 9am local time on the rate decision. On Wednesday, he reassured markets about financial stability in Hong Kong amid concerns about capital outflows.