Hong Kong and Taiwan raise rates
HKMA raises rates by 75bp, but local banks don’t follow, while Taiwan increases by 12.5bp
Monetary authorities in Hong Kong and Taiwan kept to their policies of tracking the US federal funds rate, with both raising their policy rate after the Federal Reserve’s 75 basis point increase on June 15.
The Hong Kong Monetary Authority, which pegs its currency to the US dollar, announced a 75bp increase, to 2%. However, two major commercial banks in the city – Standard Chartered and HSBC – decided not to raise their own lending rates in line with the HKMA, Bloomberg reported.
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