Hong Kong base rate raised to 4.75 pct from 4.5 pct
Hong Kong’s interest rate base rate was raised on Friday to 4.75 pct from 4.5 pct after US Fed hike
The Hong Kong Monetary Authority said it has raised the base rate for its discount window by a quarter percentage point to 4.75 pct, effective from Saturday, after the US Federal Reserve Board increased its interest rates last week by 25 basis points.
The base rate is the reference rate for the lending of overnight funds to local banks through its discount window. The HKMA generally follows the Fed’s interest rate adjustments as Hong Kong’s currency is pegged to the US dollar.
July 4, 2005
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