Hong Kong Lowers Interest Rates Following Fed Decision
In the latest turn of events, after Donald Trump’s victory in the US presidential election, the global financial market set its eyes on the Federal Reserve’s monetary policy, which was to be announced on 7th November, 2024. According to Reuters, the Fed cut interest by a quarter of a percentage.
Hong Kong Makes The First Rate Cut Since 2020
This was the first time the Hong Kong Monetary Authority (HMKA) reduced its base interest rates in the last four years after the Federal Reserve eased its monetary policy. Hong Kong’s interest rate fell by 50 basis points to 5.25% from the all-time high since 2007. HMKA Deputy Chief Executive
What Is a Three-Tier Banking System In Hong Kong?
“In the hands of the right people, banking can be a force for good, enabling progress and prosperity for all.” – Muhammad Yunus. The banking system of Hong Kong is a testament to these lines of the former MD of the Grameen Bank. Its three-tier banking system has made
Federal Reserve Rate Cut Fuels Gains in Asian Markets
In the latest development, the Federal Reserve reduced its interest rates by 50 basis points, bringing them to a range of 4.75% to 5%. Later, the Hong Kong Monetary Authority followed suit and reduced its interest rate by 50 basis points to 5.25%. The tax cuts led to a rally