Bank of Korea cuts rates for first since 2016
The Bank of Korea (BOK) cut interest rates to 1.5% from 1.75% on Thursday in a bid to support the economy absorb external shocks from the Sino-US trade tension.
This is the first rate cut since 2016 and marks the shift in direction from the rate hike initiated in November 2018.
Most Asian central banks have pressed the easing button in the last few months. Further, major central banks like the US Federal Reserve and the European Central Bank are also expected to bow down to market pressure to cut rates.