HONG KONG (Reuters) – The Hong Kong Financial Authority (HKMA) left its base charge by the in a single day low cost window unchanged at 5.75% on Thursday, monitoring a transfer by the U.S. Federal Reserve to go away charges unchanged.
The Federal Reserve held rates of interest regular on Wednesday and pushed out the beginning of charge cuts to maybe as late as December as policymakers sketched out their view of a US economic system that is still nearly unchanged throughout its main dimensions for years to come back.
“With recent economic data showing mixed signs and inflation remaining high, when the Fed will start cutting interest rates is still uncertain,” HKMA mentioned in a press release, including the excessive rate of interest surroundings might final for a while.
HKMA mentioned the monetary and financial markets of Hong Kong proceed to function in a easy and orderly method and the Hong Kong greenback trade charge stays steady.
“The Hong Kong dollar interbank rates might remain high for some time,” HKMA mentioned, urging the general public to rigorously assess and handle the related dangers when making property buy, mortgage or different borrowing selections.
Hong Kong’s financial coverage strikes in lock-step with the US as the town’s forex is pegged to the dollar in a good vary of seven.75-7.85 per greenback.