The Hong Kong Monetary Authority raised its benchmark interest rate by 25 basis points.

  • Base Rate has been set at 5.5% with immediate effect

This follows the Federal Open Market Committee (FOMC) doing so earlier:

The HKMA operate a peg for the HKD against the USD. Its rate policies follow the Fed's. You can see the upper and lower limits of the USD/HKD band clearly below:

hkd hkma fed 04 May 2023