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HKMA raises its base rate to 4.75%

The new rate took effect on 15 December.

The Hong Kong Monetary Authority (HKMA) has raised its base rate to 4.75% in response to the US Fed’s recent 50-basis points (bps) hike.

The city central bank’s new rate took effect on 15 December. Last 3 November, the central bank increased its rate to 4.25%.

According to HKMA's pre-set formula, the base rate is set either at 50bps above the lower end of the prevailing target range for the US Fed rate, or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs), whichever is the higher.

The former was 4.25%, whilst the latter was 3.57%, thus the base rate was set at 50bps above the lower end of the prevailing target range for the US Fed rate.

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