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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 S.Korea c.bank unexpectedly holds rates on global woes Reuters - Friday, September 10 Send IM Story Print * Base rate unexpectedly kept at 2.25 pct * Signals modest tightening ahead by citing global woes * Inflation pressures still tame * Rate rise seen in Oct, last hike in 2010 - Reuters poll * Most bond yields tumble to 20-month lows By Kim Yeon-hee and Yoo Choonsik SEOUL, Sept 9 - South Korea's central bank held interest rates steady on Thursday, defying market expectations for a rise, and signalled future tightening would only be modest given growing uncertainties over the global economy. Bond yields tumbled to their lowest in 20 months and the interest rate swaps spread narrowed as investors scrambled to price out some of the expected rate rises for this year. In line with some central banks that have cited concerns over the global outlook as a factor to keep rates on hold -- such as those of Australia and Malaysia -- the Bank of Korea said that economic uncertainties would increase in the coming months. "I think the Bank of Korea will move only when inflation threat becomes a real one ," said Yoon Chang-yong, an economist at IBK Investment & Securities. Analysts surveyed by Reuters after the policy announcement predicted the policy interest rate would be raised by 25 basis points next month for the second and last time this year. [ID:nTOE68804U] Previously, they had expected a total of three rises in 2010. The Bank of Korea left its base rate, the 7-day repurchase agreement rate, unchanged at 2.25 percent for the second straight month. It unexpectedly raised it from a record low of 2 percent in July. "The U.S. economy has shown signs of a slowdown. Looking ahead, there exists the possibility of the heightened volatility of economic activity in major countries acting as a risk factor for the global economy," the central bank said in a statement. Governor Kim Choong-soo, at a news conference after the decision, also highlighted concerns over the U.S. economy and said the domestic housing market has been in a slowdown. Analysts took the comments as a sign the expected policy tightening would be moderate. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic on interest rate and interest rate swap spread: http://graphics.thomsonreuters.com/F/09/KR_RTSA0910.gif Graphic on interest rate and inflation trends: http://graphics.thomsonreuters.com/F/09/KR_RTS0910.gif Analysts' comments [ID:nTOE686048] Text of central bank statement [ID:nTOE688037] Reuters survey conducted before meeting [ID:nTOE68202H] Reuters survey conducted after meeting [ID:nTOE68804U] Top Reuters stories on central banks [ID:nTOPNOW1] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> "The governor spent more time highlighting the increased uncertainty over the economy than on the need for policy normalisation," said Kong Dong-rak, a fixed-income analyst at Taurus Investment & Securities. "I had expected a rise today and another in the fourth quarter, but now I think there will be only one increase maybe in October," he said. The benchmark 5-year treasury bond yield <KRTSY5Y=KQ> shed 20 basis points to 3.83 percent, its lowest close since early January 2009. Share prices <.KS11> and the won <KRW=> briefly fell before regaining grounds later. The one-year interest rate swaps <KRWIRS> spread over the three-month certificates of deposit rate <KRCD=KQ> shrank by 15 basis points to 30 bps. The central bank governor said the stance to normalise policy in line with the economy recovery remained unchanged. The economy is seen growing by some 6 percent this year, which would be its fastest clip in nearly a decade and much quicker than most developed economies. It is showing signs of slowing growth especially in exports and manufacturing, but policymakers have been heartened by rising employment. Despite the central bank's concerns about inflation pressures, consumer inflation, at 2.6 percent in August, remains below the middle of the Bank of Korea's 2-4 percent target. Central bank data released separately showed annual producer price growth in August slowed for a second consecutive month to a five-month low, suggesting still mild inflationary pressure. [ID:nSUL000155] (Additional reporting by Cheon Jong-woo in SEOUL, Umesh Desai in HONG KONG; Editing by Kazunori Takada) Recommend Send IM Story Print Related Articles US STOCKS-Wall St buoyed by upbeat economic data Reuters - 19 minutes ago NZ's Warehouse year profit falls on tax changes Reuters - 20 minutes ago US-BUSINESS Summary Reuters - 30 minutes ago Geithner urges tax breaks for small businesses Reuters - 31 minutes ago Japan's Nissan unveils new brand for China AFP - 32 minutes ago News Search Top Stories Wall Street's super traders come under fire German Bundesbank member accused of racism resigns Europe needs 'quantum leap' in budget checks: ECB chief US court lifts ban on state-funding for stem cell research Iran says will free one detained American on Saturday More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Climate: New study slashes estimate of icecap loss 78-year-old woman found alive after week missing in Alps Defiant Florida church says Koran burning to go ahead BP seeks to shift blame for oil spill Vitamin B 'could delay Alzheimer's onset' More Most Viewed » Climate: New study slashes estimate of icecap loss Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal Japanese rider Tomizawa dies in San Marino Moto2 GP 78-year-old woman found alive after week missing in Alps More Most Recommended » Elsewhere on Yahoo! 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