HKMA chief says expects overnight interbank rate to rise at much faster pace

HONG KONG – Hong Kong Monetary Authority (HKMA) chief Eddie Yue said on Thursday he expects the city’s overnight and one-month interbank rate to continue to rise, but at a much faster pace.

Yue was speaking after the city’s de facto central bank raised its base rate charged through the overnight discount window by 75 basis points to 2.75%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin.

(Reporting By Donny Kwok and Anne Marie Roantree; Editing by Christian Schmollinger)