Hong Kong Monetary Authority Cuts Interest Rate in Line with US Fed, Major Banks Follow

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The Hong Kong Monetary Authority (HKMA) lowered its base interest rate by 25 basis points to 4.25% on Thursday, mirroring the U.S. Federal Reserve's overnight rate cut.

The move marks the second policy easing this year, following a similar adjustment in September.

The U.S. central bank on Wednesday cut its benchmark interest rate by a quarter of a percentage point to a target range of 3.75% to 4.00%, in a widely expected move to support economic momentum.

Hong Kong's rate decisions track those of the U.S. under its currency peg, which maintains the Hong Kong dollar within a 7.75-7.85 per U.S. dollar trading band.

Major Hong Kong lenders partially followed the move. HSBC (HKG:0005) and Bank of China (Hong Kong) (HKG:2388) each lowered their Hong Kong dollar best lending rates by 12.5 basis points to 5%, Reuters reported separately.

Standard Chartered (HKG:2888) cut its Hong Kong dollar prime rate to 5.25% from 5.375%, it added.

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