Korea cuts for second time in a fortnight

Bank of Korea chopped a quarter-point off its key rate on Friday on signs of a further weakening in domestic economic activity.

Rates have now fallen by a full percentage point since 27 October, when the central bank made an emergency 75 basis-point cut.

The cut leaves the base rate at a two-year low of 4%.

"The domestic economic slowdown persists," the central bank said, justifying its decision to cut. The pace of export growth had declined owing to the weakening of global economy and domestic

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