HONG KONG – The Hong Kong Monetary Authority left its base rate through the overnight discount window unchanged at 5.75 percent on Thursday, saying that the high interest rate environment may last for some time.

The announcement came hours after the US Federal Reserve said it would keep its target rate in the range of 5.25 percent to 5.5 percent in line with expectations.

READ MORE: US Fed keeps interest rates unchanged as inflation cools

The Fed pushed out the start of rate cuts to perhaps as late as December with the Federal Open Market Committee, the Fed's policy-setting body, reiterating that it does not expect it will be appropriate to reduce the target range "until it has gained greater confidence that inflation is moving sustainably toward 2 percent".

Overall speaking, the high interest rate environment may last for some time.

Hong Kong Monetary Authority

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.

“With recent economic data showing mixed signs and inflation remaining high, when the Fed will start cutting interest rates is still uncertain,” the HKMA, the city's de facto central bank, said in a statement Thursday morning, pointing out that the Fed’s future interest rate decisions will be dependent on incoming data, the evolving outlook and the balance of risks.

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

The financial and monetary markets of Hong Kong continue to operate in a smooth and orderly manner and the Hong Kong dollar exchange rate remains stable, the HKMA said, adding that the Hong Kong dollar interbank rates might remain high for some time.

“The public should carefully assess and manage the relevant risks when making property purchase, mortgage or other borrowing decisions.”