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30 Jan 2020

BOK Official: Premature to decide on rate cuts to counter virus impact, USD/KRW at seven-week high

It is too early to decide on further monetary policy easing to counter the China coronavirus economic impact, the Bank of Korea’s (BOK), South Korean central bank, Senior Deputy Governor Yoon Myun-shik told reporters on Thursday.

Key Quotes:

The bank will closely monitor markets amid the coronavirus outbreak and will watch its impact on the economy with caution.

Premature to say whether the potential impact from the new coronavirus should be countered with further easing.

The BOK left the key interest rate unchanged at 1.25% at its monetary policy meeting held on January, 17^th.

FX Implications:

The above comments had little to no impact on the Korean Won, with USD/KRW keeping its range near a seven-week high of 1,184.01 amid rising concerns over China’s coronavirus spread. The cross rises 0.32% so far this Thursday.

Jan 30, 2020

China’s GDP growth may drop to 5% or even lower in Q1 - Government Economist

China's first-quarter gross domestic product (GDP) growth rate may drop to 5% or even lower due to the coronavirus outbreak, forcing policymakers to i

USD/CNH snaps two-day declines to 6.9750 amid fresh fears for China

USD/CNH takes the bids to 6.9770, +0.13%, during the early trading session on Thursday. In doing so, the pair bucks the previous two-day declines as r