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The Hong Kong Monetary Authority (HKMA) kept its base rate unchanged at 4.75% on July 31, aligning with the U.S. Fed’s move to maintain its target range at 5.25%–5.5%. This marks Hong Kong’s fifth consecutive hold, with the rate remaining at its lowest since December 2022. The HKMA’s policy moves are tied to the Hong Kong dollar’s peg to the U.S. dollar, requiring it to follow Fed adjustments closely. Since late June, the HKMA has actively defended the currency peg, intervening in the forex market, purchasing HKD 91.1 billion to stabilize the exchange rate. On Wednesday, during New York trading hours, it sold USD 500 million and bought HKD 3.925 billion at HKD 7.85 per dollar. These interventions will further reduce banking sector liquidity, with the aggregate balance, a key measure, expected to drop to HKD 82.55 billion by August 1. The HKMA’s actions come amid external pressures, including calls from U.S. President Trump for lower borrowing costs, though the Fed has held firm.