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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World S.Korea c.bank holds rates, says FX risk to economy Reuters - 2 hours 43 minutes ago Send IM Story Print * Base rate kept at 2.25 pct for 3rd month * Majority of analysts saw a raise - Reuters poll * Says currency market situation a risk to economy * Markets scale back rate rise bets By Kim Yeon-hee and Yoo Choonsik SEOUL, Oct 14 - South Korea's central bank avoided raising rates on Thursday to help keep at bay the heavy inflows of investment causing the global currency tensions that have divided the emerging and developed world. Hot money has been flooding into high-yielding markets due to ultra-low interest rates in countries such as the United States, prompting action from Asian and Latin American countries to cap rises in their currencies. Such steps have drawn criticisms from Western leaders who are worried that they could derail a fragile recovery. Japan on Wednesday questioned South Korea's leadership of a G20 forum next week because of Seoul's repeated intervention. [ID:nTOE69D01M] "Bank of Korea is probably the most concerned about the strengthening won," said Park Tae-keun, a fixed-income analyst at Hanwha Securities. "With the upcoming G20 meeting, the government wants to avoid intervention measures, and this may be one of the reasons the central bank decided to keep the rate unchanged." <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Analysts' comments [ID:nTOE69B07Y] Reuters poll [ID:nTOE69900M] INSIDER currencies clip: http://r.reuters.com/puh48p Graphics suite on Korean economy: http://r.reuters.com/qef97p PDF report on currencies: http://r.reuters.com/gez77p ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> Bond futures raced to their highest in nearly two years after the rate announcement as investors trimmed bets on a rate rise in the near term. A majority of economists in a Reuters poll had predicted a 25-basis-point rate increase to 2.5 percent given a pick up in inflation and with the economy seen growing at the fastest pace in the OECD. Also in a surprise move, Singapore's central bank widened the band in which it lets the Singapore dollar trade for first time since after the 9/11 attacks. One analyst said the move could be in a reaction to a meeting of the International Monetary Fund which focused on global currency tensions. [ID:nSGE69B08J] EYE ON FOREX The Bank of Korea said in a statement that moves in the foreign exchange market was a risk to the economy. Governor Kim Choong-soo, whose hawkish remarks on inflation had persuaded traders to price in two interest rate increases by the year-end, told reporters currency moves could affect future policy decisions. "That is one of the factors, although we are not taking only that into account," Kim said when asked whether the rising won would prevent a further interest rate increase soon. The central bank also left rates unchanged last month, surprising many in the market who had expected a rise. In July it unexpectedly raised the policy rate by 25 basis points from record-low 2 percent in July, its first increase since the 2007-2008 global financial crisis. December treasury bond futures <KTBc1> rose as much as 0.51 of a point to 113.26, the highest intraday level for a front-end futures contract since early January 2009. The spread on 1-year won interest rate swaps <KRQMCD1Y=KMBC> over the 3-month certificate of deposit rate <KRCD=KQ> shrank to its narrowest since late March as traders scaled back chances of policy tightening over the short term. South Korea's consumer inflation jumped by a full percentage point in September to a 17-month high of 3.6 percent from August mainly on bad weather but a sustained recovery in domestic demand also encouraged companies to raise prices. Data released on Thursday showed annual growth in import prices measured in local currency terms reversed a three-month slowing pattern, indicating higher inflation pressures in the pipeline. [ID:nBJB002075] The won <KRW=>, which has lagged its regional peers this year, gained 5 percent in September and is close to reaching its highest level in two years. (Additional reporting by Cheon Jong-woo; Editing by Kazunori Takada) Recommend Send IM Story Print Related Articles Fashion giant Prada eyeing Hong Kong IPO: report AFP - 23 minutes ago Japan JX to restart Negishi No.4 CDU Fri as planned Reuters - 28 minutes ago Bank Dhofar Q3 profit up 5 pct, below forecasts Reuters - 31 minutes ago JGBs flat to weaker; Nikkei rally offsets solid sale Reuters - 32 minutes ago Rio Tinto strikes iron ore production record AFP - 34 minutes ago News Search Top Stories 'Bandit' Obama billboard sparks storm in US city OPEC set to maintain official oil output Hero's welcome in Lebanon for Iranian leader Time to find a second Earth, WWF says In Chile mine accident, 33 is lucky number More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Time to find a second Earth, WWF says Chile mine rescue operation begins Standard Chartered to raise 3.3 billion pounds 'No risk' of currency war: Geithner Lacklustre England held by minnows Montenegro More Most Viewed » Too much TV psychologically harms kids: study Workers swarm Europe's streets in anti-cuts protests British lottery winner gets record 129 mln euros 'A billion people' go hungry in 2010: report More Most Recommended » Elsewhere on Yahoo! 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