The Hong Kong Monetary Authority announced on the 18th that according to the preset formula, the basic interest rate has been lowered to 4.5%, effective immediately. The Hong Kong Monetary Authority stated that the setting of the base rate is based on two data points, namely the lower limit of the current target range for the US federal funds rate plus 50 basis points, or the average of the 5-day moving average of overnight and one month Hong Kong interbank offered rates, whichever is higher. The Hong Kong Monetary Authority stated that on the 17th local time, the United States lowered the target range for the federal funds rate by 25 basis points. The current lower limit of the target range for the US federal funds rate plus 50 basis points is 4.5%, while the average of the 5-day moving average of overnight and one month Hong Kong interbank offered rates is 2.94%. According to the preset formula, the basic interest rate adjustment is set at 4.5%. (New Society)