On Thursday, a number of the largest banks in Hong Kong, such as HSBS and Bank of China, raised interest rates on loans for the first time in more than 10 years. It was made after the Hong Kong Monetary Authority (HKMA) raised the benchmark interest rate by 25 basis points to 2.5% per annum after the Federal Reserve had raised the rate. To keep the local currency at the level of 7.8 Hong Kong dollar against the US dollar, Hong Kong's monetary policy should be tied to the policy of the Fed. At a briefing in Hong Kong, the head of the HKMA, Norman Chan, said that “the era of extremely cheap lending is over”, and investment and real estate markets expect volatility.
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