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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 exports slowing but won't divert c.bank Reuters - 1 hour 26 minutes ago Send IM Story Print * Annual exports growth in August below expectations * New exports orders growth slowest in 18 months * August inflation steady, but seen picking up * Central bank seen raising interest rates next week By Yoo Choonsik and Kim Yeon-hee SEOUL, Sept 1 - South Korean exports hit a five-month low in August as the world economy cooled, but an expected pick up in inflation will likely prompt the central bank to raise interest rates as early as next week. Average exports per working day, a guide on monthly trends as the country does not release seasonally adjusted figures, fell to $1.56 billion in August from a revised $1.67 billion in July, underlining the concerns about a slowdown in the U.S. economy. However, the central bank chief played down the likelihood for the U.S. economy to slip back into recession and reaffirmed a commitment to keep monetary policy skewed to containing inflation expectations as the country emerges quickly from the global downturn. "We need to be vigilant against the possibility of inflation expectations rising," Bank of Korea Governor Kim Choong-soo told a seminar hosted by a group of lawmakers. "The Bank of Korea will conduct monetary policy in such a way as to help the economy maintain price stability, while sustaining sound growth," he added, repeating the central bank's official stance. [ID:nTOE67B01D] <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Korea c.bank lifts growth, CPI forecasts [ID:nTOE66900P] Korea Q2 GDP tops expectations [ID:nTOE66P006] Central bank holds rates, but rise seen [ID:nTOE67B01D] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> Financial markets shrugged off the data and Kim's comments. Investors expect the central bank to raise interest rates, which were slashed to a record low during the global financial crisis, once or twice more this year after a surprise increase in July. South Korean shares <.KS11> and won <KRW=> rose while bond futures <0#KTB:> fell as markets were cheered by surveys in China showing the country's manufacturing sector staged a moderate rebound in August from a months-long slowdown. [ID:nTOE68001O] "The series of data and remarks that came today did indicate the economy is slowing, but not so much or urgently as for investors to change their views on the economy or policy," said Shin Dong-su, a fixed-income analyst at NH Investment & Securities. Although a bout of exports weakness would weigh on the economy, the central bank has said policy rates are too low given the country is fast emerging from the global financial crisis. Analysts expect the economy to grow 6 percent this year, which would be the strongest pace in nearly a decade and far ahead of most other developed countries. EXPORTS WEAKNESS AHEAD? Data on Wednesday pointed to weakness in overseas demand growth for goods from Asia's fourth-largest economy. South Korean exports in August rose 29.6 percent from a year earlier, the Ministry of Knowledge Economy said. That was in line with July's annual growth but was also below market expectations for a 34.4 percent gain. [ID:nTOE67T02I] A private survey found manufacturers saw new export orders growing at the slowest pace in 18 months in August and were on the verge of posting a decline. The survey by Markit Economics showed overall manufacturing growth had slowed to a 17-month low. [ID:nSUL000144] The economy ministry raised its 2010 export forecast to 26 percent from its late 2009 projection. The revision suggests annual exports growth for the rest of this year would slow to around 15 percent from 33 percent so far this year, a Reuters calculation showed. [ID:nSEW002210] Consumer inflation in August held steady at an annual rate of 2.6 percent, as expected, but core inflation -- which strips off volatile fuel and food prices -- edged up to a six-month high of 1.8 percent. [ID:nSUL000145] The central bank has said inflation would start picking up later this year as the economy and employment picks up, to rise above the middle of the 2-4 percent central bank target. South Korea's annual consumer inflation averaged at 2.6 percent for the past one year, way below 3.3 percent for the preceding three years, government data shows. The Bank of Korea surprised markets in July by raising the policy interest rate to 2.25 percent from record-low 2 percent in its first tightening since the 2007-2008 financial crisis. The central bank held the base rate <KROCRT=ECI> steady in August but flagged tightening ahead. It reviews policy on Sept. 9. (Additional reporting by Cheon Jong-woo and Lee Shin-hyung; Editing by Neil Fullick) Recommend Send IM Story Print Related Articles China's mobile users must show ID to get number AFP - 33 minutes ago Russia's LSR says chairman, top manager cut stakes Reuters - 34 minutes ago European shares rise on China PMI data; miners up Reuters - 34 minutes ago S.Korean firm wins major Saudi water deal AFP - 38 minutes ago NABARD sells 1.25 bln rupees of commercial papers Reuters - 38 minutes ago News Search Top Stories Exercise cuts genetic obesity risk by 40 percent: study Blair 'desperately sorry' for Iraq war deaths: memoirs Divided Fed warns on 'sluggish' recovery Tennis veteran Clement downs Baghdatis at US Open US bank profits up despite rise in 'problem' lenders More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended 'Prostitute' Carla Bruni deserves death: Iran media Child health at risk from non-prescription drugs: study Paris Hilton charged with illegal drug possession European stocks plunge; London down 1.14 percent Global equities rocked by US economic fears More Most Viewed » Obama endorses mosque plan near Ground Zero Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal Belgian man dies of South Asian superbug Most US students think Beethoven is a dog More Most Recommended » Elsewhere on Yahoo! 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