October 30, 2019 / 11:24 PM / 4 months ago

Hong Kong's central bank cuts interest rate after Fed move

HONG KONG, Oct 31 (Reuters) - The Hong Kong Monetary Authority (HKMA) lowered its base rate charged through the overnight discount window by 25 basis points to 2% on Thursday, hours after the U.S. Federal Reserve delivered a cut of the same size.

Hong Kong’s monetary policy moves lock-step with the United States’ as the city’s currency is pegged to the greenback at a tight range of 7.75-7.85 per dollar.

The market had expected the U.S. central bank to cut for a third time in a row amid slowing global growth and the protracted U.S.-China trade war. (Reporting by Donny Kwok and Noah Sin; Editing by Shri Navaratnam)

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