Hong Kong Economic and Trade Office, USA
Hong Kong
News Release

The following is issued on behalf of the Hong Kong Monetary Authority:

Adjustment of the Base Rate

 



For more information, please contact

Melissa Ng in New York City: (212) 752 3320
Wing Yan Tong in San Francisco: (415) 835 9315

Daniel McAtee in Washington, D.C.: (202) 238 6360




March 4, 2020 - The Hong Kong Monetary Authority (HKMA) announced today (March 4) that the Base Rate was adjusted downward by 50 basis points to 1.50 per cent with immediate effect according to a pre-set formula.  The decrease in the Base Rate follows the 50-basis point downward shift in the target range for the US federal funds rate on March 3 (US time).

The Base Rate is the interest rate forming the foundation upon which the Discount Rates for repurchase transactions through the Discount Window are computed. The Base Rate is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds 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.


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