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HKMA keeps base rate at 5.75%

It said that the high interest rate environment could persist for some time.

The Hong Kong Monetary Authority (HKMA) has retained its base rate at 5.75% following the US Fed’s announcement to keep the federal funds rate unchanged at 5.25 to 5.5%.

“The high interest rate environment may last for some time,” HKMA said.

“The financial and monetary markets of Hong Kong continue to operate in a smooth and orderly manner,” it said.

Additionally, HKMA said the Hong Kong dollar exchange rate remains stable, but interbank rates are expected to stay high.

Moreover, it advised the public to prudently evaluate risks when making financial decisions such as property purchases, mortgages, or other borrowings.

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