Hong Kong Foreign Currency Reserves Slide in End-October
HKMA: Interest rates may remain at relatively high levels for a period of time.
The Federal Reserve in the USA cut interest rates by 0.25 basis points. The Hong Kong Monetary Authority stated that as expected by the market, the Fed further lowered interest rates, implementing a looser monetary policy. However, the future pace of rate cuts depends on the economic data in the USA, which will be affected by fiscal and economic trade policies, thus there are still many variables. Additionally, since the monetary policy environments of major economies are not necessarily fully synchronized, the risk of global market volatility is worth noting. The Hong Kong Monetary Authority mentioned that the financial and monetary markets in Hong Kong are operating smoothly, with stable market liquidity and a stable exchange rate of the Hong Kong dollar. The Hong Kong dollar's interbank interest rates are generally approaching the US dollar rates under the linked exchange rate system, while shorter-term interbank rates.
The Hong Kong Monetary Authority has lowered the basic interest rate by 25 basis points to 0.5%.
After the usa Federal Reserve cut interest rates by 0.25 percentage points again, the Hong Kong Monetary Authority lowered the discount window base rate by 25 basis points to 5 percent. (wl/w)~
Hong Kong Monetary Authority cuts benchmark interest rate to 5.00%.
November 8th, Kwong Wah ｜ The Hong Kong Monetary Authority lowered the benchmark interest rate to 5.00%, down from 5.25% previously. Overnight, the Fed announced a 25 basis point rate cut.
HKMA: Official forex reserves slightly decreased to $421.4 billion by the end of October.
The Hong Kong Monetary Authority announced that the official forex reserves at the end of October this year were $421.4 billion, a slight decrease of 0.3% from the $422.8 billion at the end of the previous month. There were no outstanding forex contracts at the end of October or September. The total forex reserves of $421.4 billion is equivalent to more than five times the circulating currency of Hong Kong, or about 39% of the mmf supply M3 in Hong Kong.
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