HKMA cut base rate by 25bps to 2%

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      The Hong Kong Monetary Authority (HKMA) cut the basic interest rate of the discount window to 2% on Thursday as the US lowered the target range of the federal reserve fund interest rate by 25 basis points earlier.
The base rate is the base rate used to calculate the discount rate applicable to the repo transaction through the discount window. Currently, it is set at the lower limit of the current target range of the US federal funds rate plus 50 basis points, or the average of the five-day moving average of overnight and one month Hong Kong Interbank offered rate, whichever is higher.
The Federal Reserve on Wednesday announced a third rate cut for the year to help sustain growth as the rest of the world slows. However, the Fed hinted that it would not cut interest rates further unless the economic situation worsened.


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