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The Hong Kong Monetary Authority (HKMA) cut its base rate by 25 basis points to 4.25% on October 30, following a similar move by the U.S. Federal Reserve and marking the lowest level since November 2022. It was the HKMA’s second rate reduction this year, after a 25-basis-point cut in September. The base rate, applied through the overnight discount window, underscores Hong Kong’s policy alignment with the U.S., as the city’s currency remains tightly pegged to the U.S. dollar. The move came ahead of the release of Hong Kong’s third-quarter GDP data. In the second quarter, the economy expanded 3.1% year-on-year, following a 3.0% growth in Q1, supported by strong exports and improving domestic demand. However, the government cautioned that persistent trade policy uncertainty could weigh on investment and cross-border trade. The HKMA chief executive, Eddie Yue, reiterated that the extent and pace of future U.S. interest rate cuts are still subject to uncertainty.