South Korean President Lee Myung-bak: it has passed a critical moment of financial crisis
BEIJING, on Dec. 15th, according to Xinhua Yonhap it was reported that South Korean President Lee Myung-bak on the 15th on the domestic economic crisis, said: “I think to a certain extent, we have passed the financial crisis in a critical moment.” According to the Grand National Party Park Hee Tai and spokesman of the Grand National Party, it was said Lee Myung-bak at Cheong Wa Dae on the morning with Park Hee-tae held a breakfast meeting with a routine and made the above remarks.
South Korea’s largest rate cut in the history: 75 basis points in this week lifted the global wave of rate cut
Just yesterday, the Bank of Korea announced the emergency on for the second time in a move to cut interest rates: bank benchmark interest rate from 5% to 4.25%. The governor of Bank of Korea Lee Seong-tae has also hinted that in particular, it would further cut the benchmark interest rate, “It’s hard to say for sure if to cut interest rates next month, but did not rule out this possibility.”
PPI increase speed fell to 2% in November, so China will probably cut the interest rate within this year
National Bureau of Statistics announced Wednesday, factory prices of industrial products (PPI) in November rose 2.0 percent year-on-year, which created a new low record and was lower than the previous survey forecast. PPI is expected to continue to fall in the future, as deflation is gradually approaching, so the central bank may cut interest rates again.
South Korean central bank cut interest rates with 100 basis points
South Korea Monetary Policy Committee said that to improve money market liquidity and prevent the economy from over-tightening would be the main objective in the future. Analysts believe that South Korea’s central bank reduced interest rates to prevent the rapid economic decline and funds to ease the tense situation. Analysts forecast that the Bank of Korea is likely to continue to reduce the benchmark interest rate to 2.5 percent in the first half of 2009.
The Central Bank has cut interest rates drastically for four times
The interest cut widely rumored for several days at last become a reality, which the Central Bank yesterday announced that from now on financial institutions would cut one-year benchmark deposit and lending interest rates by 1.08 percentage point, and the deposit and loan interest rates of other grades adjusted accordingly.
Great cut interest rates increase the country’s determination: security for growth
The Central Bank cut interest rates which was expected in the market, but 1.08 percentage point drop was far beyond expectations. Large commercial banks lowered the rate to adjust the deposit reserve ratio also reflects the decision-making with a view to preventing deflation in the short term and a long-term anti-inflationary intention.
EMC stock: Comments on the reserve ratio and interest rates cut sharply by the Central Bank
Yesterday, the Central Bank cut the rates of benchmark deposit and lending & deposit reserve, also announced to cut the statutory reserve rates and excess reserve rate, as well as refinancing and rediscount rate. The benchmark deposit and loan interest rates will start from Nov. 27 with down 1.08 percentage points, and benchmark interest rate of deposit and loan of other grades will be adjusted accordingly.
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