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The Hong Kong Monetary Authority (HKMA) slashed its base rate by 50bps to 5.25% on September 19th, hours after the US Federal Reserve initiated its policy easing with a 50bps rate cut, which was the first reduction since March 2020. Monetary policy in the Asian finance hub moved in line with the US as the local currency is pegged to the greenback. Thursday’s decision brought borrowing costs in the city to their lowest level since April 2023, offering relief for consumers and businesses who have dealt with high interest rates for years. However, Deputy Chief Executive of the HKMA, Howard Lee, expects that interest rates will remain elevated for a foreseeable period, reminding the public to carefully consider and manage interest rate risks when making property and borrowing decisions.