香港，跟进降息！如何影响中国资产？

Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points and indicated the possibility of two more rate cuts within the year, leading to a corresponding reduction in Hong Kong's base rate by the Hong Kong Monetary Authority (HKMA) to 4.5% [1][3]. Group 1: Interest Rate Changes - On September 18, the HKMA announced a reduction of the Hong Kong dollar base rate by 25 basis points to 4.5%, following the Federal Reserve's rate cut [3]. - The HKMA's base rate is set based on the lower limit of the U.S. federal funds rate target range plus 50 basis points or the average of the overnight and one-month Hong Kong Interbank Offered Rate (HIBOR) [3]. - The recent rate cut comes after a period of tight liquidity in Hong Kong, where interbank borrowing rates had surged, with the overnight HIBOR reaching 4.03% on September 1 [3][4]. Group 2: Market Reactions and Predictions - Analysts suggest that the market had already priced in the recent rate cut, leading to limited short-term trading opportunities, but maintaining a positive long-term outlook for both A-shares and Hong Kong stocks [2][5]. - The potential for the Chinese yuan to appreciate is highlighted, with Hong Kong stocks being more sensitive to changes in liquidity conditions [2][5]. - The overall sentiment in the domestic market remains positive, with expectations of policy adjustments in response to the easing of U.S. monetary policy [5][6]. Group 3: Future Considerations - The HKMA will continue to monitor market developments closely, as future U.S. rate cuts could impact Hong Kong's interest rate environment [4]. - There is a cautionary note regarding the potential for overpricing of easing expectations, which could lead to increased market volatility if contrary economic signals emerge [5][6].