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The three-month Hong Kong interbank offered rate (HIBOR) has dropped to 1.52% to hit the lowest level since April 2018, according to Reuters News. 

The HIBOR has hit a two-year low a day after the Hong Kong Monetary Authority (HKMA)  lowered the base rate by 50 basis points to 1.5%. 

The US Federal Reserve also cut rates by 50 basis points on Tuesday to contain the negative impact of the coronavirus impact on the economy and markets. 

The USD/HKD pair is currently trading at 7.7726, having defended 7.765 for the second day on Wednesday.