Emerging Asia Economics Update
Bank of Korea heading towards zero.
The Bank of Korea’s decision to cut the policy rate by 50bp to a fresh low of 2.0% signals its determination to support a crumbling economy. We had already expected rates to fall to 1%, but the further deterioration in the incoming data suggest that they may now have to be cut close to zero by mid-2009, after which the emphasis is likely to switch to quantitative easing.
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