HSBC to leave best lending rate in Hong Kong unchanged at 5%

Hong Kong tracks U.S. interest rate moves because its currency is pegged to the U.S. dollar

The Hong Kong Monetary Authority (HKMA) raised the rate by 75 basis points to 2.75%, hours after the U.S. Federal Reserve delivered a rate hike of the same size, Qazet.az reports.

Hong Kong tracks U.S. interest rate moves because its currency is pegged to the U.S. dollar, although banks in the global financial hub have some leeway to lag U.S. moves when setting prime rates.