Hong Kong central bank raises interest rate after Fed hike

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HONG KONG — The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 75 basis points to 3.5%, 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. (Reporting by Donny Kwok and Selena Li; Editing by Editing by Christian Schmollinger)