The Hong Kong Monetary Authority (HKMA) has announced that the Base Rate has been set at 5.25% with immediate effect, based on a pre-set formula. The Base Rate is used to calculate the Discount Rates for repurchase transactions through the Discount Window. It is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs), whichever is higher. Following the recent upward adjustment of the US federal funds rate target range, the Base Rate has been set at 5.25% according to the formula.
resource: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/03/20230323-3/