HKMA Raises Base Rate To 2 Percent

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2018-03-22 HKT 08:59

Share this story

facebook

  • The HKMA's move mirrors that of the US Federal Reserve. Photo: Shutterstock

    The HKMA's move mirrors that of the US Federal Reserve. Photo: Shutterstock

The Hong Kong Monetary Authority announced on Thursday that the Base Rate was adjusted upward by 25 basis points to 2 percent with immediate effect according to a pre-set formula.

The increase in the Base Rate follows the US Federal Reserve's decision to raise its key interest rate by a similar percentage margin to a target range of 1.5 - 1.75 percent on Wednesday.

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.

RECENT NEWS

US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more