HK cuts base rate by a quarter point

Business | 19 Sep 2019 11:35 am

The Hong Kong Monetary Authority said today it has lowered the base rate by 0.25 percentage points to 2.25 percent with immediate effect, following the U.S. Federal Reserve's decision to decrease the benchmark rate by 25 basis points on Wednesday (U.S. Time).

The base rate is the interest rate that the city's de facto central bank charges licensed banks when they approach the discount window, with Exchange Fund paper, when they need liquidity.

It is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates, whichever is the higher.

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