HK Monetary Authority cuts base rate by 0.50 percentage point

Sep 19, 2007 - The Hong Kong Monetary Authority (HKMA) cut its base rate by 0.50 percentage point to 6.25 percent on Wednesday.

The move comes after the US Federal Reserve decided overnight to cut its benchmark interest rate by 0.50 percentage point to 4.75 percent to stimulate an economy imperiled by housing and credit market stress.

Hong Kong's currency peg to the US dollar links its monetary policy to that of the US so the HKMA generally follows in lockstep any interest rate adjustments by the Fed.