The Hong Kong Monetary Authority (HKMA) announced a reduction in the Base Rate to 4.75 per cent, effective immediately, in line with the US Federal Reserve’s recent rate cut, according to its statement on Thursday.
Meanwhile, the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs) is currently at 4.20 per cent. Therefore, according to the pre-set formula, the Base Rate has been set at 4.75 per cent.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama