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Search resuls for: "The Bank of Korea"


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The onshore CNY is currently trading at 7.24 per U.S. dollar. The South Korean won recently slipped to an 18-month low of 1,389.5 against the dollar. The Bank of Korea chief called the won volatility "excessive" and said the central bank would intervene if needed. Taiwan dollarBofA also remains negative on the Taiwan dollar given strong equity outflows and life insurance companies' additional unwinding of non-deliverable forward hedges. The Taiwan dollar is currently trading at 32.6 per U.S. dollar.
Persons: SeongJoon Cho Organizations: Korean, Woori, Bloomberg, Getty, U.S, South Korean, Fed, Bank of Korea, U.S ., Taiwan Locations: Seoul, South Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea chief: We're not cutting rates yet as headline inflation is 'quite sticky'Rhee Chang-yong, governor of the Bank of Korea, says "our problem is that unlike U.S. and Europe, our headline inflation is higher than core inflation."
Persons: We're, Rhee Chang Organizations: Email Bank of Korea, Bank of Locations: Bank of Korea, Europe
The Bank of Korea will intervene to control currency volatility if needed, the central bank's chief told CNBC, describing the recent market fluctuations as a little "excessive." Central bank governor Rhee Chang-yong said external factors are fueling the Korean won 's movement. Rhee attributed the won's weakness to the strength of the U.S. dollar as well as geopolitical tensions in the Middle East. Weakness in other Asian currencies like the Japanese yen and Chinese yuan are also affecting the won, he added. The won strengthened on Wednesday to as high as 1,382.6 per dollar, up 1.26% after hitting a 17-month low and breaching a major threshold of 1,400 per dollar on Tuesday.
Persons: Rhee Chang, CNBC's Karen Tso, Rhee Organizations: Bank, CNBC, Korean, U.S Locations: Korea, Washington
Asia-Pacific markets were mixed Friday after an inflation-fueled selloff in the previous session, with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers. China's trade data for March will be released later in the day, with exports forecast to fall 2.3% year on year by economists polled by Reuters. The city-state's central bank held its monetary policy steady, leaving the width and level of its policy band unchanged. In contrast to other countries, Singapore uses exchange rate settings for its monetary policy, instead of a benchmark interest rate. South Korea's March unemployment rate rose to 2.8%, while investors awaited the Bank of Korea's rate decision.
Persons: Singapore's Organizations: Reuters, Bank of Locations: Qingdao, Shandong province, Asia, Pacific, Singapore, South Korea, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's inflation is 'mostly driven by the supply side,' StanChart saysChong Hoon Park, head of Korea economic research at Standard Chartered Bank, discusses the Bank of Korea's decision to hold interest rates.
Persons: StanChart, Chong Organizations: Standard Chartered Bank, Bank of Locations: Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNatixis economist discusses South Korea trade data, says growth is not a challenge this yearTrinh Nguyen, senior economist at Natixis, discusses South Korea's trade data and the outlook for its monetary policy, saying the Bank of Korea is "very, very, very sensitive to what's happening in financial markets" and it's too early for it to adopt a dovish tone.
Persons: Trinh Nguyen Organizations: South, Bank of Locations: South Korea, Bank of Korea
Asia-Pacific markets appeared set to trade mixed Thursday, with a slew of economic data from the region on tap, while investors also assess the U.S. Federal Reserve possibly delaying interest rate cuts. In Australia, the S&P/ASX 200 opened marginally higher, up 0.03%, as the nation's Judo Bank composite purchasing managers' index for February showed a return to growth, at 51.8. The monthly index is a leading indicator for business activity in Australia's manufacturing sector. Futures for Hong Kong's Hang Seng index stood at 16,447, pointing to a weaker start compared with the HSI's close of 16,503.1Japan's Nikkei 225 was set to rise as investors awaited the release of Japan's Jibun Bank flash purchasing managers' index. Nikkei futures contract in Chicago was at 38,745 and its counterpart in Osaka was at 38,410 against the index's last close of 38,262.16The Bank of Korea is slated to announce its interest rate decision later, with economists polled by Reuters expecting the bank to hold rates at 3.50%.
Organizations: U.S . Federal, nation's Judo Bank, Futures, Nikkei, Japan's, of, Reuters Locations: Asia, Pacific, Australia, Chicago, Osaka, of Korea
"With this (decision) Yoon is trying to make sure there is policy continuity in place ahead of election," said Park Sang-hyun, an economist at HI Investment & Securities. "Choi has been long-time finance ministry person and he basically spearheaded major economics policies of the Yoon administration from the very beginning so its a safe choice." Choi has a bachelor's degree from the Seoul National University law school, where Yoon also studied around the same time. Choi's career in government service has been mostly at the finance ministry, overseeing economic policy making, financial market policies, and external business relations. Yoon doesn’t need parliamentary approval to appoint a new finance minister, who also serves as deputy prime minister.
Persons: Yoon Suk, Choi Sang, mok, Choi, Choo, Yoon, Yoon's, Yoon doesn’t, Soo, hyang Choi, Ed Davies Organizations: HI Investment, Securities, Gallup, Bank of, Seoul National University, Thomson Locations: SEOUL, Gallup Korea, Daegu
A shopkeeper naps as she waits for customers at a traditional market in Seoul, South Korea, April 7, 2022. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Dec 5 (Reuters) - South Korea's inflation eased for the first time in four months in November, bringing relief to policymakers worried about persistent inflation risks as they plan to keep their restrictive monetary policy in place for longer. "Compared to core inflation in the U.S. and Europe that seem to be still in the 4% to 5% range, (South Korea's core inflation) seems to be far more stable," said Finance Minister Choo Kyung-ho at a policy meeting in Seoul. "Considering this, we see inflation stabilizing in a steady manner going forward, unless we face some additional external shocks." The Bank of Korea kept interest rates steady at 3.50% last week at its final policy meeting of the year and signalled it may need to keep interest rates higher for longer to head off persistent inflation risks.
Persons: naps, Kim Hong, Choo Kyung, BOK, Jihoon Lee, Chris Reese, Lincoln Organizations: REUTERS, Rights, Reuters Survey, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, U.S, Europe, Bank of Korea
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs expects the Bank of Korea to start cutting interest rates before the FedGoohoon Kwon of Goldman Sachs discusses the Bank of Korea's decision to hold interest rates at 3.5%. He expects a recovery in exports to prompt the BOK to start cutting rates ahead other Asian central banks.
Persons: Goldman Sachs, Goohoon Kwon, BOK Organizations: Bank of Locations: Bank of Korea
An electronic board shows stock indexes at the Lujiazui financial district in Shanghai, China, March 21, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. This is their best run in a year, powered by easing financial conditions in the form of lower U.S. bond yields and a weaker dollar, and renewed faith in the U.S. economic 'soft landing' scenario. Having under-performed global and developed market benchmarks last week, Asian stocks could be set to outperform this week. Skeptical foreign investors will need more than one month of slowing imports and exports decline though.
Persons: Aly, Jamie McGeever, Goldman Sachs, Deepa Babington Organizations: REUTERS, Bank of Korea, Thomson, Reuters Locations: Shanghai, China, U.S, India, Asia, Taiwan, Philippines, Indonesia, Japan, Australia
A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020. The regional economic and policy events calendar this week is jammed with top-tier releases which are sure to give local assets strong steers, especially from China. China's economic surprises index turned positive three weeks ago but despite stronger-than-expected third quarter GDP growth, that momentum has faded. This week's 'data dump' will give a clearer picture of how the economy started the fourth quarter. Indonesia's quarter-on-quarter growth rate is expected to more than halve to 1.71% from 3.86%, according to a Reuters poll, and annual growth is expected to essentially hold steady just above 5%.
Persons: Jason Lee, Jamie McGeever, Josie Kao Organizations: People's Bank of China, REUTERS, Reserve Bank, Reuters, Bank of Korea, Bank of Japan, Nikkei, Thomson Locations: Beijing, China, Asia, U.S, Thailand, Philippines, Taiwan, Hong Kong, Indonesia, Indonesian, Japan
(Photo by Ed JONES / AFP) (Photo by ED JONES/AFP via Getty Images)Gross domestic product grew 0.6% in the July-September quarter from the prior quarter, according to data released by the Bank of Korea. The South Korean central bank will hold its next policy meeting in late November. South Korea stocks led declines among Asia-Pacific markets on Thursday, as investors parsed data that showed the economy grew at a slightly higher-than-expected pace in the third quarter. The S&P 500 closed below a key level on Wednesday after disappointing quarterly results from Google-parent Alphabet and a rebound in interest rates. The benchmark index fell 1.43% to close at 4,186.77, ending the day below the 4,200 level that was being widely watched by chart analysts.
Persons: Ed JONES, ED JONES, — CNBC's Brian Evans, Hakyung Kim Organizations: Getty, Bank of Korea, Google, Dow Jones, Nasdaq Locations: Seoul, AFP, Korean, South Korea, Asia, Pacific
SEOUL, Oct 26 (Reuters) - South Korea's economy fared better than expected in the third quarter with the expansion underpinned by exports, backing the case for the central bank to keep rates on hold for the months ahead. Government spending grew 0.1%, and construction investment expanded 2.2% after contracting 0.8% in the second quarter. On an annual basis, Asia's fourth-largest economy grew 1.4% in the third quarter, after a 0.9% gain in the second quarter and beating a 1.1% rise expected by economists. South Korea's central bank held interest rates steady for a sixth straight meeting last week, retaining a tightening bias on monetary policy as it warned of inflationary risks from the Israel-Hamas conflict and global oil prices. In a separate Reuters survey conducted early this month, South Korea's economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022.
Persons: Ed Davies, Sam Holmes Organizations: Gross, Bank of, Thomson Locations: SEOUL, Bank of Korea, Korea's, Israel
BANGKOK (AP) — Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks. Exports rose 4.3% while imports sank 16.3% in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). A big threat for the global economy is what oil prices will do to inflation. It rose 2.6% after reporting stronger profit than expected for the latest quarter as its revenue rose after it hiked prices. In other trading early Thursday, the dollar fell to 149.80 Japanese yen from 149.93 yen.
Persons: Australia's, Sensex, ” Yeap Jun Rong, IG, Brent, Morgan Stanley, Gold Organizations: Hamas, Nikkei, Bank of, New York Mercantile Exchange, Dow Jones Industrial, Nasdaq, Netflix, United Airlines, American Airlines, Delta Air Lines, Procter, Gamble, Treasury Department, Federal Reserve Locations: BANGKOK, Asia, Hong Kong, Tokyo, Seoul, Japan, Israel, Bank of Korea, Shanghai, Gaza, Tel Aviv, U.S
An employee works on the assembly line of LED lighting products in China. Asia-Pacific markets are set for a lower start to the week as investors look ahead to key economic data from China and Japan this week. Japan's September inflation data is expected on Friday, which will come ahead of the country's central bank's monetary policy meeting on Oct. 30 and 31. South Korea's central bank will also announce its rate decision on Thursday. The Bank of Korea has held rates steady for five meetings in a row at 3.5% since February.
Organizations: Reuters, Bank of Locations: China . Asia, Pacific, China, Japan, Korea's, Bank of Korea
South Korea household debt growth slows in September
  + stars: | 2023-10-12 | by ( ) www.reuters.com   time to read: +1 min
A woman shops at a market in Seoul, South Korea, July 26, 2016. REUTERS/Kim Hong-Ji/File photo Acquire Licensing RightsSEOUL, Oct 12 (Reuters) - South Korea's household borrowing grew in September for a sixth straight month, but by a smaller amount than the month before, central bank data showed on Thursday. Total household borrowing from banks stood at 1,079.8 trillion won ($806.12 billion) at the end of September, up 4.9 trillion won from end-August, according to the Bank of Korea (BOK). The rise was smaller than the 6.9 trillion won increase in August and it also marked the first slowdown in growth since household debt started to climb in April. ($1 = 1,339.5000 won)Reporting by Jihoon Lee; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.
Persons: Kim Hong, BOK, 1,339.5000, Jihoon Lee, Subhranshu Sahu Organizations: REUTERS, Rights, Bank of Korea, Thomson Locations: Seoul, South Korea, Rights SEOUL
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe South Korean economy has been complacent because of China, central bank governor saysRhee Chang Yong, governor of the Bank of Korea, discusses South Korea's growth outlook and the country's need for structural reform.
Persons: Rhee Chang Yong Organizations: Bank of Korea Locations: China
Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, above market expectations, official data showed on Thursday, supporting prospects of the central bank maintaining its restrictive policy for some time. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. The central bank also said inflation, which was slightly higher in September than its projection, would still ease to around 3% by the end of the year. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.
Persons: Heo, Choo Kyung, Ahn Jae, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Shinhan Securities, of Korea, Statistics, CPI, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea
Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 4 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, outpacing market expectations, official data showed on Thursday. It was the second consecutive month the annual rate quickened, from a 25-month low of 2.3% in July, and marked the fastest annual rise in five months. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.
Persons: Heo, Choo Kyung, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Statistics, CPI, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea, Bank of Korea's
This is driving up mortgage rates after years of lower-rate policies, crushing affordability and sinking home prices in some metropolitan areas. In the note, the pair released UBS's most reading of its Global Real Estate Bubble Index. Two cities — Zurich and Tokyo — top the list and are considered to be in "bubble risk" territory by being at least 1.5 standard deviations out of their index norm (Zurich at 1.71 and Tokyo at 1.65). UBS"Such high multiples come from an excessive appreciation of housing prices in the wake of previously low interest rates," Saputelli and Holzhey said. "House prices in all these cities remain vulnerable to corrections should interest rates remain elevated for longer or continue to rise further."
Persons: Claudio Saputelli, Matthias Holzhey, Holzhey Organizations: Federal Reserve, European Central Bank, Reserve Bank of India, Bank of England, Reserve Bank of Australia, Bank of, Central Bank of, Bank of Canada, UBS, Swiss, , Tokyo —, Miami Locations: Bank of Korea, Central Bank of Brazil, — Zurich, Tokyo, Zurich, Munich, Frankfurt, Hong Kong, Toronto, Geneva, Los Angeles, London, Tel Aviv, Vancouver, Amsterdam, Stockholm, Paris, Sydney
The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Sept 14 (Reuters) - South Korea's central bank said on Thursday it needs to make coordinated efforts to contain household debt, which is at levels that could undermine economic growth and financial stability. "Unlike in major countries, household debt increased continuously without de-leveraging and has reached a level that hinders macroeconomic and financial stability," the Bank of Korea (BOK) said in its quarterly monetary policy report. South Korea's household borrowing grew for a fifth straight month in August by the biggest amount in two years, driven up by rising mortgage demand, prompting financial authorities to tighten certain loan regulations. The BOK said in the report it was more effective for macro-prudential policy to coordinate with monetary policy than for policy responses to be made in isolation.
Persons: Kim Hong, BOK, Jihoon Lee, Sam Holmes Organizations: Bank of, REUTERS, Rights, Bank of Korea, prudential, Thomson Locations: Bank of Korea, Seoul, South Korea, Rights SEOUL
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsSEOUL, Sept 6 (Reuters) - South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF) said on Wednesday. Instead of undermining economic growth, the prudent fiscal policy is judged to be instrumental in keeping South Korea's economic fundamentals strong in the medium term, Finger said at a press conference. Finger told reporters the IMF decided not to evaluate South Korea's foreign exchange reserve adequacy based on its Assessing Reserve Adequacy (ARA) metrics from July. The measure is mostly for emerging economies, and given its economic characteristics, it is more appropriate to assess South Korea's on a scenario basis, Finger said.
Persons: Yuri Gripas, Harald Finger, Finger, China's, Cynthia Kim, Jihoon Lee, Jacqueline Wong, Christopher Cushing Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, South Korean, Bank of Korea, IMF, Thomson Locations: Washington , U.S, Rights SEOUL, South Korea, Korea
Office workers look at their mobile phones to check the local online banking app Toss as they gather at Seoul Museum of Art during a lunch break in Seoul, South Korea, April 13, 2023. Interest rate decisions and policy guidance from South Korea and Indonesia take center stage in Asia on Thursday, as investors also navigate the strong cross currents from global equity and bond markets the day before. On the Asian policy front, the Bank of Korea is expected to leave its key policy rate unchanged at 3.50% for a fifth consecutive meeting on Thursday and hold it steady for the rest of this year. Bank Indonesia is also expected to keep its key interest rate steady, at 5.75% for the seventh consecutive meeting and for the rest of the year too. Here are key developments that could provide more direction to markets on Thursday:- South Korea interest rate decision- Indonesia interest rate decision- South Korea producer price inflation (July)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
Persons: Kim Hong, Jamie McGeever, Josie Kao Organizations: Seoul Museum of Art, REUTERS, Wall, Nvidia, Shanghai CSI, Bank of England, European Central Bank, Bank of, Bank Indonesia, Thomson, Reuters Locations: Seoul, South Korea, Indonesia, Asia, Europe, China, Shanghai, Japan, Bank of Korea, Korea
New York CNN —David Solomon, CEO and president of Goldman Sachs, is getting bad press — a lot of bad press. And while shares of Goldman Sachs (GS) may be down by more than 5% this year, they’re still up by about 40% since he took over in 2018. Goldman Sachs did not respond to requests for comment for this article. Before the Bell: What is going on at Goldman Sachs? There have been articles purporting that former Goldman CEO Lloyd Blankfein isn’t happy with the job David Solomon has done and that he has offered to step in to help.
Persons: David Solomon, Goldman Sachs, Marcus, Solomon, they’re, Bell, Jeffrey Sonnenfeld, Lloyd Blankfein isn’t, that’s, Lloyd, he’s, That’s, David, , Juliana Liu, Michelle Toh, ” Julian Evans, Pritchard, Zichun Huang, Hang, Lehman, Hillary, Eva Rothenberg, Harry Reid, Hilary Organizations: CNN Business, Bell, New York CNN, Financial Times, Yale School of Management’s, Leadership Institute, Nokia, BlackBerry, Microsoft, Goldman, People’s Bank of China, Reuters, Capital Economics, Hang Seng, The Bank of Korea, Bank Indonesia, country’s National Bureau of Statistics, Harry, Harry Reid International, San Diego International Locations: New York, Lloyd, China, Hong Kong, Shanghai, Asia, Las Vegas, California, Nevada, Southern California, Idaho
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