The head of Hong Kong’s de facto central bank has warned that it could take measures to support the local property market if it finds evidence of a price downturn, as the city raises interest rates in lockstep with the US Federal Reserve.
The Hong Kong Monetary Authority increased its interest rate to 2.75 per cent on Thursday morning, following a move by the Fed on Wednesday to boost short-term rates by another quarter point.
Equity markets in Asia dipped on Thursday in the wake of a sharp sell-off in the US, stoked by concerns about a slowdown in economic growth following the Fed’s decision.
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