DIRS.INFO The most relevant business & tech news

Seoul, South Korea CNN —South Korea showcased an arsenal of advanced weaponry in a military parade on Tuesday, rolling tanks and missiles down the streets of its rain-soaked capital during the first event of its kind in a decade. South Korean troops marched during the military parade in Seoul, South Korea, on September 26, 2023. Soldiers in vehicles waved to the crowd as they passed by; several carriers had the South Korean flag affixed to the exterior. Yoon has previously stated his goal to make South Korea one of the world’s top four arms exporters, after the US, Russia and France. South Korean weaponry and vehicles were on display during a parade in Seoul on September 26, 2023.

Persons: Yoon Suk Yeol, Kim Hong, ” Yoon, –, Peter Layton, Kim Keon Hee, ”, Yoon, it’s, Layton, Chung Sung, Joe Biden, Biden, Fumio Kishida, David Organizations: South Korea CNN, 75th Armed Forces, Seoul Air Base, Reuters, South, Ministry of National Defense, Korean, Griffith Asia, Griffith University, Export, Import Bank of Korea, Japanese Locations: Seoul, South Korea, Korea, United States, Japan, Pyongyang, North Korea, Washington, China, Russia, France, Maryland

☆ UBS says Zurich and Tokyo are the cities most at risk of being in a housing bubble. Here are the other 15 markets where they warn home prices are overvalued — and the 6 most vulnerable to declines.
▼ + stars: | 2023-09-24 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

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

[1/2] A South Korea won note is seen in this illustration photo May 31, 2017. South Korean companies repatriated a record $33.13 billion of overseas earnings during the January-July period, 6.3 times the amount a year earlier, central bank data on current account balances showed. "The coming home of earnings retained abroad has been a big help for the won," a government official in charge of foreign exchange market said, asking not to be named due to internal policy. The automaker said on June 12 it plans to invest 7.8 trillion won ($5.82 billion) of retained earnings from overseas operations this year in electric car factories at home. The surge in repatriation also comes ahead of trading reforms planned for next year, when South Korea will extend onshore trading hours until 2 a.m. to improve access for foreign investors.

Persons: Thomas White, Yoon Suk, Hong Sung, kook, Min Gyeong, 1,340.7400, Jihoon Lee, Cynthia Kim, Joyce Lee, Heekyong Yang, Vidya Ranganathan Organizations: South, REUTERS, Rights, Samsung Electronics, Hyundai Motor, Kia Corp, Reuters Graphics Bank of Korea, Woori Bank, Hyundai, Hyundai Motor Group, Shinhan Bank, Yena, Thomson Locations: South Korea, Rights SEOUL, Korea

☆ S.Korea c.bank says coordinated efforts needed to deal with household debt
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

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

[1/2] A man walks in front of the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. They now expect the central bank's 'yield curve control' policy to end in October, compared with April 2024, and for the negative interest rate policy to end in January 2024, versus December 2024. Beyond the Japanese policy drama, investors will also have the latest Indian inflation and industrial production data, and Australian business and consumer sentiment figures to digest on Tuesday. The currency is getting little support from the interest rate outlook - economists currently expect the RBI to keep rates on hold then start easing policy the second quarter of next year.

Persons: Issei Kato, Jamie McGeever, Kazuo Ueda, Josie Kao Organizations: Bank of Japan, REUTERS, of, Government Bond, Barclays, Deutsche Bank, Reserve Bank of India's, Bank, Thomson, Reuters Locations: Tokyo, Japan, Indonesian, Philippine, India, Australia, Korea

☆ South Korea should maintain current monetary, fiscal policies, IMF says
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

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

☆ Bank of Korea will probably cut rates next year, says Standard Chartered Bank Korea
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea will probably cut rates next year, says Standard Chartered Bank KoreaPark Chong Hoon, head of Korea economic research at Standard Chartered Bank Korea, says he expects the country's central bank will be more hawkish in light of rising household debt, among other factors.

Persons: Chong Hoon Organizations: Email Bank, Standard Chartered Bank Korea Locations: 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

☆ Goldman Sachs: Is David Solomon on his way out? The CEO whisperer weighs in
▼ + stars: | 2023-08-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

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

The headquarters of the People's Bank of China, the central bank, is pictured behind an iron chain in Beijing August 30, 2010. REUTERS/Jason Lee/File Photo Acquire Licensing RightsAug 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The People's Bank of China is expected to cut interest rates on Monday, but it may have to throw caution to the wind and 'go big' if it is to soothe the nervousness and concern around China currently sweeping through financial markets. Either way, investors will be looking to Beijing and Jackson Hole this week for some degree of assurance and guidance. Here are key developments that could provide more direction to markets on Monday:- China interest rate decision- Thailand GDP (Q2)- Hong Kong inflation (July)By Jamie McGeever; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Lee, Jamie McGeever, Jerome Powell, Xi Jinping, Xi, Goldman Sachs, Goldman, Jackson, Diane Craft Organizations: People's Bank of China, REUTERS, People's Bank of, Bank of Korea, Bank Indonesia, U.S, U.S . Federal, Goldman, Barclays, Treasury, Thomson, Reuters Locations: Beijing, People's Bank of China, China, Asia, U.S ., Brazil, Russia, India, South Africa, U.S, Thailand, Hong Kong

☆ South Korea think-tank raises inflation forecast on higher energy prices
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Aug 10 (Reuters) - A South Korean government think-tank revised its annual inflation projection upwards on Thursday, citing the recent rise in energy prices, although it said the need for interest rate hikes has lessened. The forecast compares with the government and the central bank's inflation estimates of 3.3% and 3.5%, respectively. "While the economic sluggishness eased and the labour market continued a solid trend, a slowdown in inflation reduced the need for interest rate hikes," the KDI said in a statement. On growth, KDI kept its forecast unchanged at 1.5% for this year, higher than the government and the central bank's 1.4%. Risk factors to its growth forecast include sluggish growth in China, continued monetary tightening in major economies on higher inflation, and weaker domestic demand on smaller fiscal spending due to limited tax revenues, the KDI added.

Persons: KDI, Jihoon Lee, Muralikumar Organizations: Korea Development Institute, The Bank of Korea, Thomson Locations: SEOUL, China

☆ South Korea's Q2 GDP speeds up but weakness clouds outlook
▼ + stars: | 2023-07-25 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

It beat the median 0.5% rise forecast in a Reuters survey of economists and marked the biggest quarterly growth since the second quarter of 2022. "Qualitatively, it is not so positive as the headline figure indicates," said Park Sang-hyun, chief economist at HI Investment Securities. Asia's fourth-largest economy is expected to grow 1.4% in 2023, down from 2.6% in 2022, according to the latest forecasts by the central bank and the government. "The upshot is that the central bank, enabled by falling inflation, is likely to step in to support the economy by loosening monetary policy in the coming months," said Shivaan Tandon, emerging Asia economist at Capital Economics. Reporting by Jihoon Lee; Editing by Ed Davies, Kim Coghill and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Asia's, Shivaan Tandon, Jihoon Lee, Ed Davies, Kim Coghill, Sam Holmes Organizations: Gross, Bank of, HI Investment Securities, Capital Economics, Thomson Locations: SEOUL, Bank of Korea, Asia

☆ South Korea's economic growth ticks up in second quarter
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 25 (Reuters) - South Korea's economic growth ticked up in the second quarter, led by a more favourable net export contribution, official advance estimates showed on Tuesday, slightly exceeding market expectations. It beat the median 0.5% rise forecast in a Reuters survey of economists and marked the biggest quarterly growth since the second quarter of 2022. By expenditure, exports fell 1.8%, but imports dropped at a much faster rate of 4.2%, bringing a net growth contribution of positive 1.3 percentage points to the heavily trade-reliant economy. GDP for the quarter was 0.9% higher than the same quarter the year before, compared with an expansion of 0.9% in the January-March quarter and a 0.8% increase expected by economists. Reporting by Jihoon Lee; Editing by Ed Davies, Jonathan Oatis and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Asia's, Jihoon Lee, Ed Davies, Jonathan Oatis, Kim Coghill Organizations: Gross, Bank of, Thomson Locations: SEOUL, Bank of Korea

☆ S.Korea c.bank warns of financial stability risk as debts rise
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

SEOUL, July 17 (Reuters) - South Korea's central bank said on Monday there was a need to manage financial stability in addition to price risks as the country's high household debts have started to climb. "In terms of monetary policy, it should consider financial stability more actively to prevent excessive leveraging or risky asset investments when monetary policy is loose," the Bank of Korea (BOK) said in a report. "There is a need to discuss introducing a 'prudential monetary policy' with higher consideration on financial stability, in addition to price stability," the central bank said. The central bank said in the report there was limited financial stability risk from household debt, given the low loan-to-value ratio and the high percentage of high-income earners, but it flagged negative long-term implications on growth and inequality. The BOK has kept monetary policy unchanged since its last interest rate hike in January and its tightening campaign, which began in August 2021, is widely expected to be over.

Persons: BOK, Jihoon Lee, Jacqueline Wong Organizations: Bank of Korea, prudential, Bank for International Settlements, Thomson Locations: SEOUL, Switzerland, Australia

The Bank of Korea (BOK) said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did in meetings in February, April and May. "The Board will maintain a restrictive policy stance for a considerable time with an emphasis on ensuring price stability," the BOK said in a statement. The BOK has kept monetary policy unchanged since its last interest rate hike in January and its tightening campaign, which began in August 2021, is widely expected to be over. The rate stood at 2.7% in June this year, although it is still higher than the central bank's medium-term target of 2%. South Korea's import prices fell in annual terms for a fifth month in June and marked the steepest drop in more than eight years, central bank data showed earlier on Thursday.

Persons: BOK, Governor Rhee Chang, Jihoon Lee, Joyce Lee, Jacqueline Wong Organizations: Bank of Korea, Reuters, Thomson Locations: SEOUL, China

REUTERS/Aly Song/File PhotoJuly 13 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The one percentage point fall in June headline consumer price inflation to 3.0% strengthened hopes that the U.S. economy is heading for a 'soft landing', boosting risk appetite and, more importantly for emerging markets, slamming the dollar. The yen has risen five days in a row, its longest winning streak against the dollar since November. That would be the biggest fall in exports since January - economists at SocGen are penciling in a 15.7% crash. Here are key developments that could provide more direction to markets on Thursday:- South Korea interest rate decision- China trade (June)- Thailand parliament elects new prime ministerBy Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jamie McGeever, BOK, Josie Kao Organizations: Shanghai Stock Exchange, REUTERS, Asia FX, South Korean, Bank of, Thomson, Reuters Locations: Pudong, Shanghai, China, U.S, Asia, Pacific, Zealand, SocGen, Korea, Thailand

☆ BOK to hold base rate at 3.50% on Thursday, rate cut call pushed to 2024, Reuters poll shows
▼ + stars: | 2023-07-11 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

SummaryCompanies BOK to hold base rate at 3.50% at July 13 meetingBENGALURU, July 11 (Reuters) - The Bank of Korea (BOK) will keep its key policy rate unchanged at 3.50% on Thursday and for the rest of the year as inflation continued to ease, a Reuters poll of economists predicted, but rate cut forecasts were pushed back by a quarter to early 2024. Median forecasts showed interest rates would remain on hold until the end of this year, followed by a 25 basis-point cut in the first quarter of 2024. In a May poll the quarter percentage-point cut was expected to come by end-2023. But a rate cut will depend on how quickly inflation falls. The survey also predicted South Korea's economy would grow 1.2% this year and 2.3% in 2024, the same as the previous survey.

Persons: BOK, Irene Cheung, Anant Chandak, Devayani Sathyan, Susobhan Sarkar, Jonathan Cable, Hari Kishan, Jan Harvey Organizations: Bank of Korea, U.S . Federal Reserve, European Central Bank, Reuters, ANZ, U.S . Fed, Thomson Locations: BENGALURU, South Korea, Asia

☆ Central banks in Asia could soon diverge from the Fed, Nomura says
▼ + stars: | 2023-07-11 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Francois Lochon | Gamma-rapho | Getty ImagesCentral banks in Asia could start cutting rates earlier than the Federal Reserve, economists at Nomura predicted. "Our view of Asian central banks cutting policy rates ahead of the Fed in this cycle is based on the fundamental divergences between Asian and U.S. economies," Nomura economists wrote. China's producer prices have already entered deflation territory, while South Korea's inflation hovered around 2.7%, nearing its central bank's target. Seoul could start cutsNomura expects the Bank of Korea to be one of the first central banks after China to cut rates. They pointed to the central bank's governor Rhee Chang-yong shrugging off investor concerns about a weakening South Korean currency.

Persons: Francois Lochon, Sonal Varma, Nomura, lockdowns, BOK, Rhee Chang, Rhee Organizations: Getty, Federal Reserve, Nomura, Federal, Bank of, CNBC, Korean, U.S Locations: Seoul, South, Asia, U.S, China, sputter, Indonesia, Philippines, India, Korea, Singapore, Bank of Korea

☆ Exclusive: South Korea asks banks to prepare $4 bln to support credit union - sources
▼ + stars: | 2023-07-10 | by ( Seunggyu Lim | ) www.reuters.com time to read: +3 min

An official at the Financial Services Commission confirmed that banks had been asked to prepare liquidity through repurchase-agreement facilities to aid MG Community Credit Cooperatives, but did not comment on the amount. Depositors were lining up last week to withdraw funds from a branch of MG Community Credit Cooperatives after local media reported a rise in non-performing loans tied to real estate projects. Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank and NongHyup Bank had been asked to make financing available to MG Community Credit, although the actual amount extended to the credit union would depend on deposit withdrawals, the sources said. The sources added that each of the banks was asked to prepare 1 trillion won of financing, or 5 trillion won in total ($3.84 billion), as potential support. MG Community and the five banks did not immediately respond to requests for comment.

Persons: Kim Jin, 1,302.7800, Seunggyu Lim, Jihoon Lee, Ed Davies, Edmund Klamann Organizations: Financial Services Commission, Community Credit Cooperatives, MG Community Credit Cooperatives, Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank, NongHyup Bank, MG Community Credit, MG Community, Community, Interior Ministry, Bank of, Ministry of Finance, Citi, Jungdo, Thomson Locations: SEOUL, Namyangju, Seoul, Bank of Korea, Gangwon

June 19 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Looking ahead and beyond China, investors have two other Asian monetary policy decisions this week to digest - Indonesia's Bank Indonesia (BI) and the Philippines Bangko Sentral ng Pilipinas (BSP) on Thursday. Both are likely to leave policy unchanged, with BI maintaining its benchmark lending rate at 5.75% and the BSP keeping its key policy rate at 6.25%. The broader market tone across Asia on Monday could be one of caution, with investors tempted to take some profits from the recent rally. The annual core CPI rate is expected to ease to 3.1% from 3.4% in April.

Persons: Jamie McGeever, Antony Blinken's, Bank of Korea Governor Rhee Chang, Antony Blinken, Leslie Adler Organizations: People's Bank of, Indonesia's Bank Indonesia, Sentral ng Pilipinas, BI, BSP, Bank of Japan, Bank of Korea, Thomson, Reuters Locations: U.S, People's Bank of China, Beijing, American, China, Philippines, Asia, Japan, Hong Kong

☆ Investors are eyeing China's neighbors as the recovery from 'zero-Covid' slows
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesChina's lackluster economic recovery since emerging from strict "zero-Covid" lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbors. Higher targets for JapanForeign investors have undoubtedly been key in driving the Japanese market, maintaining the highest levels the Nikkei has seen since 1990. During the same period last year, foreign investors had sold a net 1.73 trillion yen approximately. Wall Street banks including Morgan Stanley and Societe Generale are among those that are optimistic on Japanese stocks, holding "overweight" positions. Upside for Korea tech stocksSouth Korea is another market closely watched as concerns over China's recovery linger.

Persons: Goldman, Andrew Tilton, Berkshire Hathaway's Warren Buffett, India's, Goldman Sachs, Tilton, Morgan Stanley, ROE, Mike Wilson, we've, Price, Goldman's Tilton, Rhee Chang, Nomura, Chloe Andrieu, Pranjul Bhandari, Bhandari Organizations: Bloomberg, Getty, Asia, Pacific, Japan Foreign, Nikkei, Japan's Ministry of Finance, Societe Generale, Equity, U.S, UBS Global Wealth, U.S ., UBS, The Bank of, CNBC, Citi, AFP, Afp, Korea Financial Investment Association, South Korean, Fitch, Ben Advisors Locations: Macau, China, Japan, South Korea, India, Goldman Sachs, Berkshire, South, Shanghai, Shenzhen, Wall, Korea, Asia, The Bank of Korea, Fuyang, China's, Anhui, Indonesia

☆ Bank of Korea: less desirable to increase gold holdings at this point
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 6 (Reuters) - The Bank of Korea (BOK) assesses it is more desirable to maintain its dollar liquidity than to increase gold holdings for foreign exchange reserves at this point, the central bank said. "A cautious approach is necessary for determining whether to increase the ratio of gold in the foreign exchange reserves," the BOK's Reserve Management Group said on Tuesday. The BOK released the gold management policy along with the results of its first inspection of gold holdings on May 23. It said the inspection at the Bank of England, where all of its gold holdings are stored, concluded without any major concerns other than some simple errors in refiner marks on three gold bars, which it said are frequent. The Bank of Korea holds 104.4 tonnes of gold in its foreign exchange reserves, or $4.8 billion, which account for 1.14% of its total $421 billion in reserves as of the end of May.

Persons: BOK, Jihoon Lee, Gerry Doyle Organizations: Bank of Korea, BOK's Reserve Management, Bank of England, Thomson Locations: SEOUL, London

☆ South Korean inflation cools to 19-month low, core remains higher
▼ + stars: | 2023-06-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

FILE PHOTO: Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. However, the central bank said the inflation outlook was highly uncertain, citing risks from global oil prices, economic growth and public utility price increases. By product, agricultural prices rose 0.5% in May month-on-month, while utility prices jumped 2.2%. Core CPI, which excludes volatile food and energy prices, rose 3.9% in May on-year, the slowest increase in 10 months. But it was the second straight month that the core rate stayed above the headline rate, following its 4.0% rise in the previous month.

Persons: Heo, ”, Ahn Jae Organizations: REUTERS, Statistics, Petroleum, Shinhan Securities, The Bank, CPI Locations: SEOUL, Seoul, South Korea, Statistics Korea, Korea

(Photo by Ed JONES / AFP)Hong Kong's Hang Seng index led losses in Asia on Thursday, falling about 2% to close at 18,746.92 — the lowest level this year. Mainland Chinese markets also fell, with the Shanghai Composite down 0.11% to finish at 3,201.26, its lowest close in over four months. The Shenzhen Component closed 0.22% lower at 10,896.48 in its third straight day of losses. Australia's S&P/ASX 200 declined 1.07% to end at 7,136.9 and record its fourth straight day of losses. The index also hit its lowest level in about two months.

Persons: Ed JONES, Hong, Australia's Organizations: Lotte, Shenzhen Component, Bank of Korea, Nikkei Locations: Seoul, AFP, Asia, Shanghai, Pacific, Japan

May 22 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The People's Bank of China is expected to keep key lending rates on hold on Monday, as traders in Asia digest the implications of the G7's stance on China and the tense and fluid situation in Washington regarding the U.S. debt ceiling standoff. In their joint communique on Saturday, G7 leaders said they are looking to "de-risk, not decouple" economic engagement with China. Wider market sentiment on Monday could be set by the mood music in Washington around the debt ceiling. On the other hand, Treasury Secretary Janet Yellen reiterated that June 1 remains a "hard deadline" for raising the debt ceiling.

Search resuls for: "Bank of Korea"

25 mentions found