Hong Kong raises rate and Taiwan holds
Decisions come a day after Fed’s 50bp rate cut
Hong Kong’s de facto central bank today (September 19) cut its base rate by 50 basis points to 5.25%. Meanwhile, Taiwan’s central bank left its key rates unchanged.
Hong Kong’s monetary policy closely tracks that of the US. The territory’s currency is pegged to the US dollar in a tight range of between HK$7.75 and HK$7.85.
Howard Lee, the acting chief executive of the Hong Kong Monetary Authority (HKMA), said the territory’s rate-cutting cycle had only just begun and that interest rates would
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