We would love to hear your thoughts about our site and services, please take our survey here.

Less Ads, More Data, More Tools Register for FREE

Hong Kong central bank cuts interest rate after Fed move

Thu, 19th Sep 2019 00:22

HONG KONG, Sept 19 (Reuters) - The Hong Kong MonetaryAuthority (HKMA) on Thursday lowered its base rate chargedthrough the overnight discount window by 25 basis pointsto 2.25%, hours after the U.S. Federal Reserve delivered a ratecut of the same margin.

Hong Kong's monetary policy moves lock-step with the UnitedStates' as the city's currency is pegged to thegreenback at a tight range of 7.75-7.85 per dollar.

The Fed lowered rates on Wednesday for the second time thisyear "to provide insurance against ongoing risks" including weakglobal growth and resurgent trade tensions, Chair Jerome Powellsaid.

The Hong Kong Dollar was last seen at 7.8297 per dollar,little changed on the day.(Reporting by Noah Sin; Editing by Kim COghill)

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.