Korea cuts by 75bp on signs of slowdown

The Bank of Korea on Monday slashed its key rate by 75 basis points in a surprise move to counter an economic slowdown. The central bank also broadened its collateral rules to include some mortgage-backed securities on signs of a liquidity shortage.

The central bank's emergency cut leaves rates at 4.25%, their lowest since June 2006.

The committee said it judged the cut necessary "to guard securely against the possibility of a sharp contraction of real economic activity against the backdrop of

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