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Financial News: Hong Kong Cuts Key Rate By 25 Bps

Hong Kong Cuts Key Rate By 25 Bps

10/31/2019 - 00:45:00 (RTTNews)

(RTTNews) - Hong Kong cuts its key base rate by a quarter point on Thursday after the US Federal Reserve reduced its interest rate.

The Hong Kong Monetary Authority said the Base Rate was adjusted downward by 25 basis points to 2 percent with immediate effect according to a pre-set formula.

The decrease in the Base Rate follows the 25-basis point downward shift in the target range for the US federal funds rate on October 30.

The base rate 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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