Hong Kong Monetary Authority leaves interest rates unchanged, tracking Fed move
An attendant walks outside the entrance to Hong Kong Monetary Authority in Hong Kong, China November 10, 2015. Picture taken November 10, 2015. REUTERS/Bobby Yip
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HONG KONG, Oct 29 : The Hong Kong Monetary Authority left its base interest rate unchanged on Thursday at 4.25 per cent, following the US Federal Reserve’s decision to hold rates steady.
Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.
The Hong Kong dollar was last at 7.8452 per dollar.
“US interest rate adjustments are subject to considerable uncertainty, and will depend on developments in inflation, labour market, and other economic data, and may influence the interest rate environment in Hong Kong,” HKMA said in a statement.
The outlook for the Hong Kong dollar and interbank rates can vary due to various factors, such as the market’s risk appetite for carry trades, and the supply-demand conditions for Hong Kong dollars which are, in turn, influenced by capital market activities and other seasonal factors, it added.
Source: Reuters
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