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Financial News: Hong Kong Lifts Benchmark Interest Rate

Hong Kong Lifts Benchmark Interest Rate

07/28/2022 - 03:17:00 (RTTNews)

(RTTNews) - Hong Kong's central bank raised its benchmark base rate on Thursday, following the decision of the US Federal Reserve to lift the rate by 75 basis points.

The Hong Kong Monetary Authority adjusted the Base Rate by 75 basis points to 2.75 percent with immediate effect according to a pre-set formula.

The latest hike came on the top of 75 basis point increase in rates last month.

The Hong Kong's 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.

On Wednesday, the Federal Reserve raised the target range for the federal funds rate to 2.25 to 2.50 percent.

After the Fed move, 50 basis points above the lower end of the prevailing target range for the US federal funds rate was 2.75 percent, while the average of the five-day moving averages of the overnight and one-month HIBORs was 0.79 percent. Therefore, the Base Rate was fixed at 2.75 percent.

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