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The Hong Kong Monetary Authority (HKMA) slashed its base rate by 25bps to 4.75% on December 19th, after the US Federal Reserve trimmed interest rates by the same margin but projected fewer reductions next year. Monetary policy in the Asian finance hub moved in line with the US as the local currency is pegged to the greenback. It was the third rate cut this year, bringing borrowing costs in the city to their lowest level since January 2023. For years, high interest rates have burdened Hong Kong's economy. Hong Kong's GDP grew by 1.8% yoy in Q3 of 2024, the slowest pace in five quarters, weighed by a further decline in private consumption and moderation in exports. The government has estimated the economy to expand by 2.5% this year. Authorities recently said that a series of initiatives from China since late September, along with measures from the city's government, may effectively boosting spending in the domestic market.