Hong Kong’s de facto central bank has raised its interest rate by 25 basis points on Thursday, moving in step with a monetary policy decision from the US Federal Reserve overnight.
The move by the Hong Kong Monetary Authority brings the base rate to 2.75 per cent after the Fed lifted short-term interest rates another quarter point to 2.25-2.5 per cent on Wednesday.
As the Hong Kong dollar is pegged to the US currency the HKMA is compelled to raise rates to prevent a rise in outflows.
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