Macau’s de facto central bank has lowered the base rate by 25 basis points to 4.5 per cent in a move aligned with its Hong Kong counterpart, as per a Thursday notice from the Monetary Authority of Macao. The rate is set 50 basis points above the lower end of the US Federal Funds target range, or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates. [...]