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Hong Kong kept the city’s base rate unchanged on Thursday after the US Federal Reserve paused its current cycle of inflation-busting increases to assess the impact of higher funding costs on the world’s economy.
Hong Kong kept its base rate unchanged after the US Federal Reserve skipped its monetary tightening cycle for the second time this year, giving the city's businesses and borrowers breathing room amid a struggling economy. The base rate was kept at 5.75 per cent, the Hong Kong Monetary Authority (HKMA) said before financial markets opened. Hours earlier, the Fed maintained its target rate unchanged at between 5.25 per cent and 5.5 per cent, taking its second recess since the cost of money began r