Hong Kong slashes rates tracking the Fed

HKMA CEO Eddie Yue said the extent and pace of future interest rate cuts was subject to considerable uncertainty. — Reuters

HONG KONG: The Hong Kong Monetary Authority (HKMA) yesterday cut its base interest rate charged via the overnight discount window by 25 basis points (bps) to 4.75%, tracking a move by the Federal Reserve (Fed).

Major Hong Kong banks followed with reductions, but some at a smaller magnitude.