Hong Kong Monetary Authority cuts Base Rate by 100 bps to 0.5%

By Richard Connell

New York, Dec. 17 - The Hong Kong Monetary Authority lowered its Base Rate by 100 basis points to 0.5% on Wednesday, according to a release issued on its web site.

The authority is following the formula it set on Oct. 8 to peg the interest rate at 50 bps above the U.S. Federal Funds rate.

The authority noted that as the Federal Reserve had cut its rate to a range of 0% to 0.25%, it was setting its rate at 50 bps above the lower boundary of the range at 0.5%.

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