HKMA warns of uncertainties after raising rates
The chief executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, on Thursday warned about considerable uncertainties over the city's future borrowing costs, though he noted the SAR's bad debt ratio had remained stable. This came after the city's de facto central bank raised its base rate by a quarter of a percentage point to 4.25 percent, hours after the US Federal Reserve lifted its target range by the same margin to between 3.75 percent and four percent. HSBC, Bank of China (Hong Kong) and Standard Chartered announced they are keeping their lending and savings rates unchanged. The moves by the Fed and the HKMA marked their first rate hike in over three years since July 2023, when they also raised rates by 25 basis points. Speaking at a press conference, Yue noted that while the Fed's decision came in line with market expectations, it reflected US policymakers' concerns on the inflation outlook. "US interest rate adjustments are subject to considerable uncertainties, which may influence the interest rate environment in Hong Kong," he said. "The public should carefully manage interest rate risks when making financial decisions," he added. Looking ahead, he said the city's base rate outlook will depend on various factors, including the Hong Kong...
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