Hong Kong

Restrictive

Policy rate

4.00%

Last move Dec 2025

Inflation

1.44%

As of null

Real policy rate

2.56%

Policy rate less inflation

Debt to GDP

14.10%

2026 est.

Inflation targetNone published

Policy rate vs target—

Last move-25 bps cut

Months at current rate9

Real GDP growth2.40%

Next scheduled decisionNot published

Policy rate path, latest five years. Cycle peak 8.00% (May 2000).

The verdict

Hong Kong sets its policy rate at 4.00%, against inflation of 1.44% — a real rate of 2.56% after inflation. The most recent decision was a 25bp cut in Dec 2025. The rate has held there for about 9 months. Inflation targeting: No target; USD currency board (7.75-7.85 HKD/USD). On the fiscal side, the economy carries government debt of 14.1% of GDP (2026 est.) and real GDP growth of 2.4%.

Sources: policy rate and cycle history — BIS central bank policy rates (WS_CBPOL); inflation — national statistical agencies; debt and growth — IMF World Economic Outlook. Methodology: https://www.globalfinancialinfo.info/methodology/policy-rates · Dataset: https://www.globalfinancialinfo.info/global-economy · Free to print and share for non-commercial classroom use (CC BY-NC-ND 4.0).

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