Adjustment of Base Rate

The Hong Kong Monetary Authority (HKMA) announced that the Base Rate has been set at 5%, effective immediately, based on a pre-determined formula. This rate is calculated as either 50 basis points above the lower end of the US federal funds target range or the average of the five-day moving averages of the overnight and one-month HIBORs, whichever is higher. Following a 25-basis point cut in the US federal funds rate on 7 November, the Base Rate is now 5%, as it exceeds the HIBOR average of 3.87%. Source: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/11/20241108-3/