Hong Kong central bank raises interest rate after Fed hike

HONG KONG : 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 per cent, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.

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