Hong Kong cut borrowing rates further today below 1 percent after the US Federal Reserve slashed the benchmark rate in an emergency to move Sunday. The Hong Kong Monetary Authority trimmed its base rate by 64 basis points at 0.86 percent. On March 4, the HKMA trimmed the base lending rate by 50 basis points to 1.5 percent. The base rate is set at 0.86 percent according to the pre-set formula. Hong Kong is facing fiscal deficits, rising job losses and further worsening of the social and economic damage wreaked by the coronavirus that spread from Wuhan in China in December.

Source: The Standard March 16, 2020 02:15 UTC