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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 Singapore Asia Pacific World WRAPUP 2-S.Korea ups lending controls, rate rise bets still on Reuters - Friday, October 9 Send IM Story Print * Regulator imposes stricter mortgage lending controls * Upbeat exports, consumer data bolster rate rise hopes * Outside chance Bank of Korea could raise rates on Friday * Nov rate rise seen as higher risk, but not certainty By Cheon Jong-woo and Seo Eun-kyung SEOUL, Oct 8 - South Korea imposed new lending controls on Thursday to cool its housing market, but the move failed to dent expectations that the central bank will raise interest rates soon to avert a property price bubble. Upbeat exports and consumer spending data for September added fuel to rate rise speculation, hitting government bonds and lifting the won, with some players not ruling out a move even as soon as Friday when the Bank of Korea holds its policy review. Bonds cut their losses slightly after the Financial Supervisory Service said that it would limit mortgage lending by insurance firms and other non-banking institutions in the capital Seoul and surrounding areas. But traders doubted lending controls alone would succeed in stopping a relentless house price rise, which the central bank has said could force it to raise interest rates, and stuck to their view that rates would go up before the year-end. Property prices in Seoul have risen 20 percent since the start of the year. "It seems the government is trying to come up with every possible policy available to rein in the property market boom and delay the timing of the interest rate increase, but I don't think the central bank will give up its intention to raise rates," said Jung Sung-min, a fixed-income analyst at Eugene Futures. The regulator's announcement coincided with Bank of Korea's report that bank mortgage lending to households dipped last month, after similar restrictions were implemented for banks. However, the financial supervisor said non-bank lending surged in September. [ID:nSEV002858] [ID:nSEO21886] STAND-OFF The government, concerned that monetary tightening may tip the recovering economy back into a downturn, has repeatedly argued it was too early to withdraw economic stimulus and that it should be done in coordination with other major economies. Analysts, however, believe the central bank will stand its ground, emboldened by recent strong economic data and the fact that Australia has already raised rates this week as the first Group of 20 nation to do so after slashing rates in the face of the worst global downturn in generations. South Korea's exports to China rose in September from a year earlier for the first time since September 2008, while department store sales and credit card use hit multi-month highs, government data showed. [ID:nSEO11852] [ID:nSEO252299] All 15 analysts surveyed early this week forecast the Bank of Korea would hold the 7-day repurchase agreement rate <KROCRT=ECI> steady for an eighth consecutive month at a record-low 2.0 percent on Friday but would raise it as early as next month. [ID:nSEO186728] The 1-year treasury bond yield <KR1YT=KSDA> rose 1 basis point to a near 10-month closing high of 3.62 percent while the 1- and 3-year interest rate swap spread <KRWIRS> narrowed by 3 basis points to a near 5-month low of 69 basis points. The financial regulatory agency said in a statement it would impose a 50 percent debt-to-income ratio ceiling on mortgage lending in the capital and surrounding areas, in which about a half of the country's total population live. The ratio is the percentage of money spent on servicing a mortgage loan contract out of the borrower's income. Confidence that Asia's fourth-largest economy has turned the corner and that asset prices had room to gain further has prompted South Koreans to increase investment in property, analysts and data have suggested. [ID:nSP490636] (Writing by Yoo Choonsik; Editing by Jonathan Thatcher and Tomasz Janowski) Recommend Send IM Story Print Related Articles Obama loan relief plan hits goal early AP - 1 hour 57 minutes ago Retailers see sales begin to recover in September AP - 2 hours 5 minutes ago SEC's Schapiro: dark pools "may need more light" Reuters - 2 hours 17 minutes ago Russia c.bank buys $1.4 bln in interventions-dealers Reuters - 2 hours 19 minutes ago Liz Claiborne inks distribution deal with JCPenney AP - 2 hours 28 minutes ago News Search Top Stories US new jobless claims drops to nine-month low ECB anchors interest rate at record low of 1.0% Breakthrough hope for breast cancer treatment Bank of England keeps interest rate at 0.5% US Solar Decathlon seeks best sun-powered homes More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Tiny moon feeds largest ring around Saturn Gold price hits record high on report to ditch dollar Aer Lingus to slash hundreds of jobs, cut pay Europe hits hole on rough road to economic recovery Tiny device could speed breast cancer detection: study More Most Viewed » Oldest hominid skeleton sheds light on human origins More Most Recommended » Elsewhere on Yahoo! 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