The Hong Kong Monetary Authority left its base rate unchanged at 4.75 percent on Thursday, in line with the US Federal Reserve's decision to keep rates steady.

The Fed announced early on Thursday after its two-day meeting that it had decided to keep the target range for the federal funds rate unchanged at 4.25-4.5 percent.

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The policy decision is in line with market expectations, the HKMA said in a statement, adding that the "dot plot" released following the meeting indicated that the Fed might cut rates by a total of 50 basis points before year end although the pace of future rate cuts remains uncertain.

Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.

“Interest rates in Hong Kong might still remain at relatively high levels for some time, and the extent and pace of future US interest rate cuts are subject to considerable uncertainty,” the HKMA said.

READ MORE: HKMA says high interest rates may last ‘for some time’

It said the public should carefully assess and continue to manage the interest rate risk when making property purchase, mortgage or other borrowing decisions.

The HKMA added that Hong Kong’s financial and monetary markets have continued to operate in a smooth and orderly manner, with market liquidity stable and the Hong Kong dollar exchange rate steady.

With Reuters inputs