Hong Kong's central bank cuts interest rate after Fed move

HONG KONG (Reuters) - The Hong Kong Monetary Authority (HKMA) lowered its base rate charged through the overnight discount window by 50 basis points to 1.5% on Wednesday, hours after the U.S. Federal Reserve delivered a rate cut of the same margin.

Hong Kong's monetary policy moves in lock-step with the United States as the city's currency [HKD=D3] is pegged to the greenback at a tight range of 7.75-7.85 per dollar.