Hong Kong Monetary Authority cuts benchmark interest rate by 50 basis points to 5.25%
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On September 19, the Hong Kong Monetary Authority announced that it would cut its base rate by 50 basis points to 5.25%, down from 5.75%. Overnight, the Federal Reserve announced a 50 basis points rate cut. Under the linked exchange rate system in Hong Kong, the Hong Kong Monetary Authority responded to the US rate cut by lowering the base rate to 5.25%
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