HKMA Cuts Interest Rate By 25 Basis Points
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2019-10-31 HKT 10:46
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The Hong Kong Monetary Authority has cut interest rates for a third time, by 25 basis points, following an overnight move by the US Federal Reserve. Hong Kong's base lending rate will be two percent with immediate effect.
The Hong Kong Monetary Authority (HKMA) announced on Thursday that the Base Rate was adjusted downward by 25 basis points to 2% with immediate effect according to a pre-set formula.
The chief executive of the Monetary Authority, Eddie Yue, said the cut is needed to offer a lifeline for the struggling local economy.
"The US rate cut does reflect the downward pressure on the global economy to which Hong Kong is not immune," said Yue.
The HKMA chief said the global economy is going through a very challenging time and warned investors to manage their money in a prudent way.
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