HKMA cuts base rate to 0.86%

It had already slashed the rate to 1.5% earlier this month.

The Hong Kong Monetary Authority (HKMA) has slashed its base rate again to 0.86% following the 100bp rate cut by the US Federal Reserve, according to a news release.

Earlier this month, the HKMA had cut its rate to 1.5%.

The base rate is currently set at either 50bp 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 (HIBOR).

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