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Hong Kong's central bank raises base rate following US Fed decision

The Hong Kong Monetary Authority raised its base rate by 25 basis points to 1% following the anticipated move by the U.S. Federal Reserve to raise the benchmark federal funds.

The HKMA followed the U.S. Fed's action in raising rates as the Hong Kong dollar is pegged to the U.S. currency.

The U.S. Fed had raised the target range of its key federal funds by 25 basis points.