Hong Kong Business News

香港商業資訊

BASE RATE LOWERED TO 5%

8-11-2024
gov_rss

The Monetary Authority announced today that it has decreased the base rate to 5% with immediate effect.

The decrease, according to a pre-set formula, follows a 25-basis point downward adjustment in the target range for the US federal funds rate on November 7.

The base rate is the interest rate forming the foundation upon which the Discount Rates for repurchase transactions through the Discount Window are computed.

It 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 higher.

As 50 basis points above the lower end of the prevailing target range for the US federal funds rate is 5%, while the average of the five-day moving averages of the overnight and one-month HIBORs is 3.87%, Hong Kong’s base rate is therefore set at 5%.



PREVIOUSNEXT

Latest Business News

最新商業資訊


Loop development outline announced  20-11-2024

gov_rss

The Government promulgated the Development Outline for the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & T...


Mega events set for 1st half of 2025  19-11-2024

gov_rss

At least 93 mega events will be held in Hong Kong in the first half of 2025, Deputy Financial Secretary Michael Wong anno...


Algernon Yau hosts trade reception  19-11-2024

gov_rss

Secretary for Commerce & Economic Development Algernon Yau today hosted a cocktail reception to update guests on the ...


Vice Premier attends finance summit  19-11-2024

gov_rss

State Council Vice Premier He Lifeng today attended and delivered a keynote speech at the Global Financial Leaders’ ...