The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 50 basis points to 4.75%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.
The U.S. central bank raised interest rates by half a percentage point and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023, as well as a rise in unemployment and a near-stalling of economic growth.