Hong Kong policy interest rate
The Base Rate set by the Hong Kong Monetary Authority — the interest rate forming the foundation on which the Discount Rates for repurchase (repo) transactions through the Discount Window are computed. Under the Linked Exchange Rate System (currency board), it is not an independent policy decision: it is fixed by a pre-set formula that tracks the US federal funds target range, and is adjusted on the HKMA's own initiative immediately after each US FOMC move.
| Current value | 4 percent |
|---|---|
| In force from | 2025-12-11 |
| Official source | HKMA press release 'Adjustment of Base Rate', 11 December 2025 — Base Rate set at 4.00% with immediate effect according to the pre-set formula, following the US Fed's 25bp cut of 10 Dec 2025 (also mirrored on info.gov.hk P2025121100176p, 11 Dec 2025) |
| Last verified | 2026-07-23 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
FORMULA (the reader must understand this tracks the US Fed, not an independent HK decision): the Base Rate is set at whichever is HIGHER of (a) 50 basis points above the lower end of the prevailing target range for the US federal funds rate, or (b) the average of the five-day moving averages of the overnight and one-month HIBORs. Under the Linked Exchange Rate System the HKD is kept in a 7.75-7.85 per USD Convertibility Zone, so HK cannot run an independent interest-rate policy and the HKMA mechanically follows the Fed. On 11 Dec 2025 component (a) = 4.00% (US target range 3.50%-3.75% after the 10 Dec 2025 FOMC cut; lower bound 3.50% + 0.50%) while component (b), the HIBOR average, was only 2.39%, so the Fed-linked component bound and the Base Rate fell to 4.00%. It has been HELD at 4.00% through 2026 to date: the HKMA press release 'HKMA's Response to US Fed's Interest Rate Decision' of 18 Jun 2026 confirms the Base Rate stayed at 4.00% after the Fed kept its target range unchanged at 3.50%-3.75%. Do NOT confuse the Base Rate with market rates: HIBOR (the interbank offered rate) and the retail-bond/iBond coupon rates are separate and are frequently well below the Base Rate. Base-rate press-release archive: https://www.hkma.gov.hk/eng/news-and-media/press-releases/base-rate/. HKMA pages are JS-rendered and returned empty to plain HTTP fetchers at confirmation; figures verified via the HKMA release text as reported and the info.gov.hk static mirror.
Earlier values
| From | Value | Source |
|---|---|---|
| 2018-01-02 | 1.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-03-22 | 2 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-06-14 | 2.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-09-27 | 2.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-12-20 | 2.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-08-01 | 2.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-09-19 | 2.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-10-31 | 2 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-11-18 | 2.13 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-11-19 | 2.23 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-11-20 | 2.24 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-11-21 | 2.26 | Bank for International Settlements - Central Bank Policy Rat |
Get it programmatically
curl https://asiaref.dev/v1/hk/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/hk/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/hk/policy-rateOther Hong Kong series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates