S.Korea's foreign currency deposits grow on risk aversion

Source: Xinhua| 2019-10-21 12:11:40|Editor: ZX
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SEOUL, Oct. 21 (Xinhua) -- South Korea's foreign currency deposits grew last month on the buildup of a risk aversion tendency, central bank data showed Monday.

Deposits, denominated in foreign currencies, amounted to 72.64 billion U.S. dollars as of the end of September, up 1.67 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It came amid the rising tendency for safe haven assets, caused by the global trade feud and its consequent economic slump across the world.

South Korea's export kept sliding for the 10th consecutive month through September. The BOK cut its benchmark interest rate by 25 basis points to an all-time low of 1.25 percent last week to stimulate the sagging economy.

The U.S. dollar-denominated deposit increased 1.32 billion dollars from a month earlier to 62.16 billion dollars as of end-September, while the Japanese yen deposit rose 0.21 billion dollars to 4.34 billion dollars.

The foreign currency deposits, owned by companies, gained 1.12 billion dollars to 57.01 billion dollars in the cited period, while the individuals-possessed deposits added 0.55 billion dollars to 15.63 billion dollars.