Hong Kong Cuts Base Rate by 50 Basis Points to 5.25%, First Time Since 2020

Sep 18, 2024, 11:21 PM

The Hong Kong Monetary Authority (HKMA) has cut its base interest rate by 50 basis points to 5.25%, mirroring a similar move by the U.S. Federal Reserve. This marks the first time since 2020 that the HKMA has reduced its base rate. The decision, effective September 19th, aims to reboot the economy and follows the Federal Reserve's first jumbo cut since 2020. The base rate is charged via the overnight discount window.