The Bank of Korea (BoK) kept its policy rate unchanged at a record low of 1.50% today, despite talk of a fresh round of "currency wars" across Asia following the People's Bank of China's decision to lower the daily reference rate for the renminbi in recent days. We are maintaining our view that it will take a severe deterioration in the growth outlook to convince the BoK to cut rates further given concerns about rising household debt.
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