Hong Kong raises base rate to 5.5 pct

HONG KONG, May 4 (Xinhua) -- The Hong Kong Monetary Authority (HKMA) on Thursday announced that it has increased the base rate to 5.5 percent with immediate effect.

The move followed the U.S. Federal Reserve increasing the target range for the federal funds rate by 25 basis points to 5-5.25 percent on Wednesday.

The Fed's rate hike is consistent with market expectations, and will not affect the financial