SEOUL - South Korea’s central bank left interest rates steady on Friday even as it trimmed growth and inflation projections, underlining a cautious view on the economy in the face of global risks and cementing market bets for more policy easing next year.
The most liquid 3-year treasury bond futures KTBc1 extended gains after Governor Lee Ju-yeol’s news conference, while local stock prices and currency showed a muted reaction. “The governor said the momentum would be far from strong even when the economy begins recovering and that the recovery would start only from the middle of the next year,” said Cho Yong-gu, economist at Shinyoung Securities.
Heavily dependent on exports of computer chips, smartphones, cars and ships, Asia’s fourth-largest economy is headed for the worst growth in a decade even after two rate cuts and a big increase in government budget spending.
Source: Loan Digest (loandigest.net)
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