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Hong Kong raises benchmark interest rate following Fed move

Bloomberg
Bloomberg7/28/2022 09:34 AM GMT+08  • 2 min read
Hong Kong raises benchmark interest rate following Fed move
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The Hong Kong Monetary Authority increased its base rate by 75 basis points to 2.75% on Thursday after the Federal Reserve raised interest rates.

The HKMA moves in lockstep with the Fed, given the Hong Kong dollar’s peg to the greenback.

Now attention will turn to Hong Kong banks -- including HSBC Holdings Plc and Standard Chartered Plc -- which have so far this year maintained their best lending rates following the monetary authority’s hikes.

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