> Hong Kong's central bank follows the Fed and raises its base rate 25bp to 5%, as expected

Hong Kong's central bank follows the Fed and raises its base rate 25bp to 5%, as expected

Wednesday, 01/02/2023 | 23:35 GMT

The Hong Kong Monetary Authority is Hong Kong's central bank.

Raises its base rate to 5%, up 25bp. The HKD is pegged to the USD, the HKMA follows FOMC rate moves as a matter of course.

The HKD trades in a band linked to the US dollar prescribed by the HKMA. You can see the limits of the band in the chart below.