South Korea's 1-Year IRS Rate Falls 1.50bp to 3.43% on July 9 as Central Bank Signals No 50bp Hike

According to Seoul bond market data on July 9, South Korea's 1-year interest rate swap (IRS) rate fell 1.50 basis points to 3.43% as of 4:27 PM, with longer maturities showing mixed performance. The 5-year IRS declined 0.25bp to 3.96%, while the 10-year IRS dropped 0.50bp to 4.055%.

The decline followed Bank of Korea Governor Shin Hyun-sung's parliamentary testimony, in which he signaled no likelihood of a 50 basis point rate hike at next week's monetary policy committee meeting, easing market concerns about consecutive rate increases in July and August.