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Hong Kong's central bank Wednesday raised its base rate a quarter percentage point to 5.00 percent, matching the overnight rate hike by the U.S. Federal Reserve.
Hong Kong has welcomed reform of China's currency regime but any move by the territory to link its currency to the yuan is still years if not decades away, analysts say.
The government may fine tune its currency system to limit the strength of the local dollar to help prevent domestic interest rates from straying too far from US rates, a government adviser said yesterday.
The Hong Kong Monetary Authority (HKMA), the territory's de facto central bank, said yesterday it had bought HK$780mil from banks in exchange for US dollars.
Hong Kong bank customers will now have deposits of up to 100,000 Hong Kong dollars (US$12,800) protected by the government in case of a bank failure, an official said Thursday.
Beijing broadened its investigations into construction projects in its latest attempt to cool the economy.