BoK holds policy following RMB drop

Bank of Korea, Seoul

The Bank of Korea (BoK) today (August 13) left its benchmark interest rate unchanged, causing the won to bounce back from a four-year low prompted by China's decision to weaken the renminbi this week.

The central bank, which has lowered interest rates four times in the past 12 months, kept the base rate at 1.5%, citing economic improvements in the US and the eurozone.

"The [monetary policy] committee forecasts that the global economy will sustain its modest recovery going forward, centring

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