<\/p>\n
Hong Kong’s central bank on Thursday lowered its base interest rate by 25 basis points to 4.50%, tracking a cut by the US Federal Reserve.<\/p>\n
It was the first easing by the Hong Kong Monetary Authority since a 25 basis point cut last December. The rate is charged via the overnight discount window.<\/p>\n
Major Hong Kong banks partially followed, with HSBC lowering its Hong Kong dollar best lending rate by 12.5 bps to 5.125% effective September 19, and Bank of China (Hong Kong) also reducing its Hong Kong dollar prime rate to 5.125% from 5.25%.<\/p>\n
Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.<\/p>\n
“We believe the adjustments announced today are appropriate considering the US rates decision and the local market conditions,” Luanne Lim, chief executive officer, Hong Kong, HSBC, said in a statement.<\/p>\n
“We will continue to monitor the external environment and local economic outlook, and adopt an agile approach when we evaluate future rate decisions,” Lim added.<\/p>\n
HKMA chief executive Eddie Yue said the reduction will have a positive impact on the city’s property market and economy, noting that financial and monetary markets continue to operate in a smooth and orderly manner.<\/p>\n
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