NewsWorld

Hong Kong Central Bank cuts rate after Fed

US, WASHINGTON (NEWS OBSERVATORY) — The Hong Kong Monetary Authority (HKMA) on Wednesday lowered its key rate by 50 basis points to 1.5% after the US Federal Reserve suddenly lowered its rate by a similar amount.

Changes in Hong Kong’s monetary policy are taking place in parallel with the United States, since the Hong Kong currency is pegged to the US dollar in a narrow range of 7.75 to 7.85 per dollar.

“There is still a lot of uncertainty in the development of the epidemic, very great volatility will remain in the financial markets,” the CBR said in a statement.

“Investors must manage risks properly,” the report says.

Online:

Our Standards, Terms of Use: Standard Terms And Conditions.

Contact us: [email protected]

Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.