香港金管局降息

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香港跟进降息,如何影响中国资产?
Zheng Quan Shi Bao· 2025-09-18 22:38
此次美联储降息25个基点之后,美国联邦基金利率目标区间的下限加50基点是4.5%,而隔夜及1个月香 港银行同业拆息的5天移动平均数的平均值是2.94%,所以根据预设公式,基本利率设定于4.5%。 9月18日凌晨,美联储降息25个基点,并暗示年内还有两次降息的可能性。今日,香港金管局将基准利 率下调25个基点至4.5%,港股受益于流动性宽松的敏感度更高。 "香港市场流动性最紧张的时候过去了。"中金公司首席海外策略分析师刘刚接受券商中国记者采访时表 示,美联储降息之后,香港金管局也跟进降息动作,不过他表示市场普遍预期中国人民银行暂时不会降 息,但货币政策空间更大了。 中信建投海外经济与大类资产首席分析师钱伟表示,本次降息已被充分定价,市场短期交易空间受限, 长期对A股和港股仍是利好,人民币可能继续升值,而港股的敏感度更高,可能具有相对优势。 香港基准利率下调 9月18日,香港金融管理局宣布,跟进美联储降息的节奏,将港元基准利率下调0.25个百分点至4.5%。 香港金管局解释称,基准利率是用作计算经贴现窗进行回购交易时适用的贴现率的基础利率。目前基本 利率定于当前的美国联邦基金利率目标区间的下限加50个基点,或隔夜 ...
香港,跟进降息!如何影响中国资产?
券商中国· 2025-09-18 15:08
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].