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The Hong Kong Monetary Authority (HKMA) reduced its base rate by 25bps to 5.0% on November 8th, hours after the US Federal Reserve slashed interest rates by the same margin following a 50bps reduction in September. Monetary policy in the Asian finance hub moved in line with the US as the local currency is pegged to the greenback. This decision brought borrowing costs in the city to their lowest level since February 2023, providing more relief for consumers and businesses who have faced high interest rates for years. That has been a major drag on Hong Kong's housing market and economy. The city's GDP grew by 1.8% yoy in Q3 of 2024, the slowest expansion in five quarters, due to a further drop in private consumption and a slowdown in exports. The government had projected the economy to expand by 2.5 to 3.5% this year. On the monetary side, foreign exchange reserves in Hong Kong stood at HKD 421.4 billion in October, marking the lowest level in three months.