Hong Kong lifts base rate by 25 bps to 1% on heels of Fed rate hike

By Susanna Moon

Chicago, Dec. 15 – Hong Kong Monetary Authority said it raised the base rate by 25 basis points to 1% according to a pre-set formula.

The adjustment follows the 25-bps rate hike in the target range for the U.S. federal funds rate on Wednesday, according to a notice.

The base rate is currently set at either 50 bps above the lower end of the prevailing target range for the U.S. federal funds rate or the average of the five-day moving averages of the overnight and one-month Hibor, whichever is the higher.

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