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8/3/2019 Koreas Money Market
1/13
Lju`bv@fjkjg~5998
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8/3/2019 Koreas Money Market
2/13
FJKS@KSV
Ybus N1 Jt`utn`} bkc Gbfuj`fjkjgnf
Nvvp`v
Lju`bv @fjkjgnf Bfhn`t`g`ksv bkc Yujvy`fsv
Y~j Hbl'lno + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2
Sh` Mub~nkm jd Lju`b1 Bccu`vvnkm sh`
Fhboo`km`v jd Bmnkm
A`uboc Vfhndd bkc Gpusbqb V~`c+ + + + + + + + + + + + + + + =
Ybus NN1 Dnkbkfnbo Nkvsnspsnjkv bkc Gbul`sv
Dnkbkfnbo Bvnb Unvnkm1 Bvnbk Vsjfl Gbul`sv nksh` K`} Gnoo`kknpg
Lbung Yblubtbk + + + + + + + + + + + + + + + + + + + + + + + + + + 20
Lju`bv Gjk`~ Gbul`s
Cjgnknrp` C}ju'Dufbps + + + + + + + + + + + + + + + + + + 52
Nkmu`cn`ksv dju b ]`oo'Dpkfsnjknkm Fbynsbo
Gbul`s
Ajhk Epum`u/Dubkfnv ]bukjfl/
T ujknfb Fbfcbf ]bukjfl + + + + + + + + + + + + + + + + + + 62
Sh` Fbynsbo Gbul`s Fjkvjoncbsnjk Bfs bkc sh`
Lju`bk Dnkbkfnbo Gbul`s
Lng Cjkm'h}bk + + + + + + + + + + + + + + + + + + + + + + + + + + 6>
Ybus NNN1 Vsupfspubo U`djug
Yujmu`vv nk Fjuyjubs` Mjt`ukbkf`
Vsnak Fob`vv`kv + + + + + + + + + + + + + + + + + + + + + + + + + + + 30
Sbx Nvvp`v Bdd`fsnkm Dju`nmk'Nkt`vs`c Fjgybkn`v
bkc Dju`nmk Nkt`vsjuv
H`ku~ Bk bkc Cbtnc Ank'^jpkm O`` + + + + + + + + + + + 03
Ybus NT1 @xs`ukbo Nvvp`v
P+V+'Lju`b @fjkjgnf U`obsnjkv1
Tn`} dujg V`jpo
Hbk Cjkmgbk + + + + + + + + + + + + + + + + + + + + + + + + 42
B ]bvhnkmsjk Y`uvy`fsnt`
Ajucbk H`ne`u+ + + + + + + + + + + + + + + + + + + + + + + + + 4>
Y``unkm nksj sh` Dpspu`1 Lju`bv U`vyjkv` sj sh`
K`} Subcnkm Obkcvfby`
Suj~ Vsbkmbujk` + + + + + + + + + + + + + + + + + + + + + + + + + + =3
Ybus T1 Kjush Lju`bv @fjkjgnf
C`t`ojyg`ks bkc @xs`ukbo U`obsnjkv
Kjush Lju`bv @xs`ukbo U`vjpuf`v bkc
Fjkvsubnksv
Vs`yhbk Hbmmbucbkc Gbufpv Kjobkc + + + + + + + + 86
Sh` Ujo`v jd Fhnkb bkc Vjpsh Lju`b nk Kjush
Lju`bk @fjkjgnf Fhbkm`
Gnlb Gbupgjsj + + + + + + + + + + + + + + + + + + + + + + + + + + +>5
U`bonvsnf @xy`fsbsnjkv jd sh` Dpspu` Ujo` jd sh`
NDNv jk sh` Lju`bk Y`knkvpob
Eubco`~ Ebevjk + + + + + + + + + + + + + + + + + + + + + + + + + 294
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8/3/2019 Koreas Money Market
3/13
DNKBKFNBO NKVSNSPSNJKV BKC GBUL@SV 52
LJU@BV GJK@^ GBUL@S
E~ Cjgnknrp` C}ju'Dufbps
Lju`bv Gjk`~ Gbul`s
Lju`bv gjk`~ gbul`s nkfopc`v sh` fboo gbul`s bv }`oo
bv gbul`sv dju gjk`sbu~ vsbenonqbsnjk ejkcv (GVEv./
k`mjsnbeo` f`usnflfbs`v jd c`yjvns (FCv./ u`ypufhbv`
bmu``g`ksv (u`yjv./ fjgg`ufnbo yby`u (FY./ bkc fjt`u
enoov (FE.+ Lju`bv gjk`~ gbul`s vj dbu v``gv sj hbt`
e``k u`obsnt`o~ nggpk` sj sh` mojebo fu`cns fupkfh
m`k`ubs`c e~ sh` funvnv nk sh` P+V+ vpeyung` gjusmbm`
gbul`sv+ Lju`bk nks`uebkl ubs`v bu` unvnkm/ hj}`t`u/
}hnfh vpmm`vsv shbs ebklnkm onrpncns~ u`gbnkv snmhs
(Sbeo` 2.+
sbks yob~`u nk shnv gbul`s e`fbpv` jd nsv ngyjusbkf` djugjk`sbu~ yjonf~+ Gjk`sbu~ yjonf~ nk Lju`b fjkvnvsv jd
sbum`snkm b o`t`o jd nkstbsnjk c`fnc`c e~ sh` EJL t`u~
~`bu+ Sh` EJLv gjk`sbu~ yjonf~ fjggnss`` (GYF.
g``sv t`u~ gjksh sj c`fnc` jk b sbum`s dju sh` jt`u'
knmhs fboo ubs` shbs nv fjkvnvs`ks }nsh nsv nkstbsnjk sbum`s+
Nk 599= bkc 5998/ sh` EJL hbv sbum`s`c nkstbsnjk sj
u`gbnk nk b 5+06+0 y`uf`ks ubkm`+ Sh` jt`uknmhs fboo
ubs` nv fpuu`kso~ bs 0 y`uf`ks (Dnmpu`2.+
Bds`u sh` GYF c`fnc`v jk bk byyujyunbs` sbum`s dju
sh` jt`uknmhs fboo ubs`/ EJL vsbdd ngyo`g`ks shbs
sbum`s shujpmh bccnkm onrpncns~ sj ju }nshcub}nkm nsdujg sh` fboo gbul`s+ Ebklv bu` u`rpnu`c sj gbnksbnk
u`v`ut`v }nsh sh` EJL/ eps sh`v` u`v`ut`v fbk nk'
fu`bv` ju dboo e`fbpv` jd dbfsjuv vpfh bv yuntbs` v`fsju
subkvbfsnjkv/ mjt`ukg`ks subkvbfsnjkv/ ju ypufhbv`v
jd dju`nmk fpuu`kfn`v e~ sh` f`ksubo ebkl+ Sh` EJL
dju`fbvsv sh` fhbkm` nk ebklv u`v`ut`v bunvnkm dujg
tbunjpv vjpuf`v/ fjgybu`v ns }nsh sh` u`rpnu`c o`t`o
jd u`v`ut`v/ bkc fjgyps`v sh` vfbo` jd sh` vpuyopv ju
vhjusbm` jd u`v`ut`v e`dju` ns flkbonq`v sh` vfbo` jd nsv
gbul`s jy`ubsnjkv+ Pksno u`f`kso~/ sh` bfspbo fboo ubs`
hbv m`k`uboo~ e``k bejt` sh` sbum`s/ }hnfh vpmm`vsv
sh` EJL hbv gbnksbnk`c snmhs onrpncns~ fjkcnsnjkv nksh` fboo gbul`s+
GVE bkc U`yj Gbul`sv
Pksno u`f`kso~/ GVE nvvpbkf` }bv sh` gbnk nkvsup'
g`ks pv`c e~ sh` EJL sj fjksujo onrpncns~+ GVEv
bu` onbenonsn`v nvvp`c e~ sh` f`ksubo ebkl sj vjbl py
onrpncns~+ Sh`~ bu` nvvp`c nk 22 cndd`u`ks gbspunsn`v
ubkmnkm dujg 23 cb~v sj s}j ~`buv+ Jkf` nvvp`c/ sh`~
bu` kjs/ nk yunkfnyo`/ u`c``gbeo` yunju sj gbspuns~+ Sh`
f`nonkm jk sh` tjopg` jd GVEv shbs gb~ e` o`mboo~
nvvp`c nv v`s bs 09 y`uf`ks jd eujbc gjk`~ (G5./ epsnk Kjt`ge`u 599= sh` EJL bkkjpkf`c ns }jpoc nvvp`
rpbus`uo~ f`nonkmv jk sh` bgjpks sj e` nvvp`c/ }nshnk
sh` 09 y`uf`ks f`nonkm+ GVEv bu` vjoc shujpmh bpfsnjkv
sj flkbkfnbo nkvsnspsnjkv v`o`fs`c e~ sh` EJL jk sh`
ebvnv jd bvv`s rpbons~ bkc flkbkfnbo vjpkck`vv+ Nk 599=/
sh`v` kpge`u`c byyujxngbs`o~ 09+
Sbeo` 21 Gjk`~ Gbul`s Su`kcv nk Lju`b/
2>>9Apk` 5994/ nk sunoonjkv jd Lju`bk }jk
2>>9 5999 5993 5990
5994
(Apk`.
Fboo
gbul`sb6+4 25+> 5=+0 63+4 69+3
Gjk`sbu~
vsbenonqbsnjk
ejkcv
20+5 44+3 235+8 200+5 20=+0
F`usndnfbs`v
jd c`yjvns
4+8 23+5 36+0 46+8 44+8
U`ypufhbv`bmu``g`ksv
6+3 54+6 63+4 35+> 05+5
Fjgg`ufnbo
yby`u
55+= >+2 20+> 59+9 56+9
Fjt`u enoov 9+5 22+5 6+> 3+9 6+>
Vjpuf`1 Ebkl jd Lju`b cbsb+b Cbno~ bt`ubm` subkvbfsnjkv cpunkm sh` obvs gjksh nk
sh` y`unjc+
Fboo Gbul`s
Sh` fboo gbul`s nv sh` gbul`s nk }hnfh dpkcv bu` subc`cnk sh` vhjus`vs y`unjcv (s~ynfboo~ jt`uknmhs ojbkv. sj
bcapvs dju s`gyjubu~ vpuyopv`v ju vhjusbm`v jd dpkcv
bgjkm flkbkfnbo nkvsnspsnjkv+ Boo s~y`v jdflkbkfnbo
nkvsnspsnjkv nk Lju`b/ nkfopcnkm fjgg`ufnbo ebklv/
v`fpuns~ fjgybkn`v/ nkvpubkf`/ nkt`vsg`ks supvs/ fu`cns
pknjkv/ bkc eubkfh`v jd dju`nmk ebklv/ ybusnfnybs` nk
sh` fboo gbul`s+ Sh` Ebkl jd Lju`b (EJL. nv bk ngyju'
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8/3/2019 Koreas Money Market
4/13
55 SH@ LJU@B @FJKJGNF NKVSNSPS@
89
>9
299
229
259
269
239
209
249
2=9
Abk+
599=
Abk+
599
4
Abk+
599
0
Abk+
599
3
Abk+
5996
>
29
22
25
26
23
20
24
2=
28
Lju`bk }jk/ sunoonjkv Y`uf`ksbm` jd G5
Jpsvsbkcnkmejkcv
Y`uf`ksbm` jd G5
Dnmpu` 51 Gjk`sbu~ Vsbenonqbsnjk EjkcvJpsvsbkcnkm nk Lju`b/ C`f`ge`u5995Kjt`ge`u 599=
Vjpuf`1 F@NF Cbsb Fjgybk~/ Osc+
Sh` ubsnj jd GVEv jpsvsbkcnkm sj G5 hbv e``k dboonkm
3+2
3+6
3+0
3+=
3+>
0+2
0+6
0+0
Dnmpu` 61 F`usndnfbs`v jd C`yjvns Jpsvsbkcnkmbkc Shu``'Gjksh FC Ubs`v nk Lju`b/Kjt`ge`u 5993Kjt`ge`u 599=
FCv jpsvsbkcnkm
(}jk/ sunoonjkv.
FCv jpsvsbkcnkm
Shu``'gjksh FC ubs`
(y`uf`ksbm`.
Shu``'gjksh FC ubs`
Vjpuf`v1 Eojjge`um< F@NF Cbsb Fjgybk~/ Osc+
Sh` nkfu`bv` nk sh` FC ubs` vnkf` Bpmpvs 599= nvbovj onl`o~ sj u`st`fs mojebo gbul`sv pkf`usbnks~ bkc
tjobsnons~+ ]nsh sh` vnq` bkc cnvsunepsnjk jd sh` ojvv`v
bvvjfnbs`c }nsh sh` P+V+ vpeyung` gjusmbm` gbul`s
funvnv vsnoo obum`o~ pklkj}k/ mojebo nks`uebkl gbul`sv
hbt` e`fjg` dujq`k bv ebklv bu` u`opfsbks sj o`kc sj
`bfh jsh`u jps jd fjkf`ukv jt`u ngybnu`c fbynsbo yj'
vnsnjkv+ Bv b u`vpos/ mojebo vyu`bcv e`s}``k nks`uebkl
ubs`v bkc Su`bvpu~ enoov bu` bs b hnvsjunf hnmh+ Boshjpmh
Lju`bk fjgg`ufnbo ebklv hbt` jko~ b t`u~ ongns`c
cnu`fs `xyjvpu` sj vpeyung`'u`obs`c yby`u/ sh`nu u`on'
bkf` jk gbul`s dpkcnkm ubsh`u shbk c`yjvnsju dpkcnkm
o`bt`v sh`g jy`k sj sh` unvl jd b ojvv jd fjkfl
c`kf` nksh` nks`uebkl gbul`s+ Bv b u`vpos/ vnkf` Bpmpvs 599=/
Lju`bk nks`uebkl ubs`v v``g sj hbt` e`fjg` gju`
fjuu`obs`c }nsh mojebo nks`uebkl ubs`v+
Fjgg`ufnbo yby`u nv bk bffjggjcbsnjk enoo nvvp`c e~
fjgybkn`v }nsh vjpkc fu`cns vsbspv dju sh` ypuyjv` jd
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8/3/2019 Koreas Money Market
7/13
DNKBKFNBO NKVSNSPSNJKV BKC GBUL@SV 50
spukjt`u nkfu`bvnkm e~ 529 y`uf`ks+ Sh` tjopg` jd
c`untbsnt`v subcnkm nk Lju`b nv ujpmho~ `rpbo sj sh`
tjopg` jd vyjs subcnkm+ Shnv nv nk onk` }nsh mojebo
su`kcv1 sh` Ebkl dju Nks`ukbsnjkbo V`sso`g`ksv (ENV.
sun`kknbo vput`~ jd dju`nmk mojebo `xfhbkm` gbul`sv
djpkc shbs cpunkm 59929= mojebo DX spukjt`u nk vyjs
bkc c`untbsnt`v hbc nkfu`bv`c e~ 549 y`uf`ks+ Mojebospukjt`u nk dju}bucv bkc v}byv bs #5+2 sunoonjk nv kj}
s}nf` bv obum` bv mojebo vyjs spukjt`u bs #2 sunoonjk+
Sh` ENV vput`~ vhj}v shbs nk 599= sh` flt` obum`vs DX
subcnkm f`ks`uv u`yu`v`ks`c k`buo~ =9 y`uf`ks jd }juoc
spukjt`u (Dnmpu` 3.+ Nk kjk'Abybk Bvnb/ sh` obum`vs
DX gbul`s nv nk Vnkmbyju`/ }hnfh u`st`fsv nsv ujo` bv
u`mnjkbo flkbkfnbo f`ks`u+ DX spukjt`u nk Vnkmbyju`
u`yu`v`ks`c k`buo~ 4 y`uf`ks jd }juoc spukjt`u nk 599=+
E~ fjksubvs/ Lju`b nv jko~ sh` fldsh'obum`vs xfhbkm`
ubs` gbul`s nk kjk'Abybk Bvnb/ e`hnkc Vnkmbyju`/
Hjkm Ljkm/ Bpvsubonb/ bkc Nkcnb (Dnmpu` 0.+ Bffjuc'nkm sj sh` ENV/ Lju`bv DX gbul`s spukjt`u nk 599=
u`yu`v`ks`c 9+8 y`uf`ks jd sjsbo mojebo DX spukjt`u+
9 0 29 20 59 50 69 60
599=
5992
Pkns`c
Lnkmcjg
Pkns`c
Vsbs`v
V}nsq`u'
obkc
Abybk
Vnkmbyju`
Y`uf`ksbm`
Dnmpu` 31 Sh` ]juocv Dnt` Obum`vs Dju`nmk@xfhbkm` Gbul`sv/ 5992 bkc 599=/y`uf`ksbm`
Vjpuf`1 Ebkl dju Nks`ukbsnjkbo V`sso`g`ksv+
C`t`ojyg`ks Vypuu`c e~ Dnkbkfnbo bkc Fbynsbo
Bffjpks One`ubonqbsnjk
Lju`bv DX gbul`s c`t`ojyg`ks u`st`fsv flkbkfnbo
one`ubonqbsnjk bkc sh` jy`knkm jd sh` fbynsbo bffjpks
bds`u sh` 2>>= funvnv+ Nk C`f`ge`u 2>>= Lju`b vhnds`c
sj b du``'stjbsnkm xfhbkm` ubs` v~vs`g+ Nk Gb~ 2>>8/
sh` f`nonkm jk dju`nmk nkt`vsg`ks nk Lju`bk `rpnsn`v
}bv bejonvh`c/ bkc sh` ojfbo ejkc gbul`sv bkc gjk`~
gbul`sv }`u` dpoo~ jy`k`c sj dju`nmk nkt`vsjuv+
Nk Apk` 2>>8/ sh` mjt`ukg`ks bkkjpkf`c b yobk sj
one`ubonq` boo DX subkvbfsnjkv nk s}j vsbm`v+ Sh` fluvs
vsbm` jd one`ubonqbsnjk sjjl `dd`fs jk 2 Byuno 2>>>
}nsh sh` nksujcpfsnjk jd sh` k`} Dju`nmk @xfhbkm`
9 2 5 6 3 0 4 = 8
599=
5992
Vnkmbyju`
Hjkm Ljkm
Bpvsubonb
Nkcnb
Lju`b
Fhnkb
Sbn}bk
K`} Q`bobkc
Gbob~vnb
Dnmpu` 01 Sh` 29 Obum`vs Dju`nmk @xfhbkm`Gbul`sv nk Bvnb (`xfopcnkm Abybk./ 5992 bkc599=/ y`uf`ksbm` jd }juoc dju`nmk `xfhbkm`gbul`s
Vjpuf`1 Ebkl dju Nks`ukbsnjkbo V`sso`g`ksv+
Y`uf`ksbm`
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8/3/2019 Koreas Money Market
8/13
54 SH@ LJU@B @FJKJGNF NKVSNSPS@
Subkvbfsnjk Bfs+ @xf`ys dju b d`} s~y`v jd subkvbfsnjkv/
fpuu`ks bffjpks subkvbfsnjkv e~ fjuyjubsnjkv bkc ebklv
}`u` dpoo~ one`ubonq`c+ U`mpobsnjkv jk fbynsbo bffjpks
subkvbfsnjkv }`u` fjkt`us`c nksj b k`mbsnt` v~vs`g/
bkc/ sh`u`e~/ sh` y`ugnvvnjk u`rpnu`g`ks }bv onds`c
`xf`ys nk sh` fbv`v jd subkvbfsnjkv dju }hnfh ns }bv
vsnypobs`c e~ ob} ju c`fu``+ Dju`nmk ybusnfnybsnjk nksh` DX c`untbsnt`v gbul`s }bv one`ubonq`c+ Jt`uv`bv
ejuuj}nkmv }nsh gbspunsn`v jd o`vv shbk jk` ~`bu e~
flkbkfnboo~ vjpkc cjg`vsnf fjuyjubsnjkv }`u` booj}`c+
U`mpobsnjkv jk dju`nmk cnu`fs nkt`vsg`ks (DCN. }`u`
vsu`bgonk`c nk juc`u sj gbsfh sh` vsbkcbucv jd sh`
Jumbknqbsnjk dju @fjkjgnf Fjjy`ubsnjk bkc C`t`o'
jyg`ks+ Kjku`vnc`ksv }`u` booj}`c sj gbl` c`yjvnsv
bkc jy`k supvs bffjpksv c`kjgnkbs`c nk Lju`bk }jk
}nsh gbspunsn`v jd gju` shbk jk` ~`bu+
Sh` v`fjkc vsbm` jd one`ubonqbsnjk sjjl `dd`fs jk 2
Abkpbu~ 5992+ Sh` u`gbnknkm f`nonkmv jk fpuu`ks bf'fjpks subkvbfsnjkv e~ nkcntncpbov }`u` `ongnkbs`c/
nkfopcnkm sh` f`nonkmv jk jt`uv`bv subt`o `xy`kv`v/
`gnmubsnjk `xy`kv`v/ }nshcub}bov jd cjg`vsnf bv'
v`sv e~ kjku`vnc`ks kbsnjkbov/ bkc c`yjvnsv bkc supvsv
beujbc+ Jeonmbsnjkv jd u`ybsunbsnjk jd jt`uv`bv fobngv
}`u` `bv`c+ U`vsunfsnjkv jk kjku`vnc`ksv cjg`vsnf
fpuu`kf~ c`yjvnsv bkc supvsv }nsh gbspunsn`v jd o`vv shbk
jk` ~`bu }`u` ongnkbs`c/ bkc sh` yujf`vv jd v`fpunsn`v
nkt`vsg`ks e~ dju`nmk`uv }bv vngyonfl`c+
Dpush`u one`ubonqbsnjk }bv nksujcpf`c nk Byuno 5995/
}h`k sh` Lju`bk mjt`ukg`ks bkkjpkf`c b yobk dju sh`c`t`ojyg`ks jd sh` Lju`bk dju`nmk xfhbkm` gbul`s sj
vpyyjus Lju`bv `g`um`kf` bv b flkbkf` bkc ojmnvsnfv
hpe nk Kjush`bvs Bvnb+
Bv b fluvs vs`y nk ngyo`g`ksnkm sh` yobk/ nk Apo~ 5995
sh` Lju`bk mjt`ukg`ks `bv`c sh` yujf`cpubo u`mpob'
snjkv fjkf`uk`c }nsh nkcntncpbov xs`ukbo yb~g`ksv/
y`ugnss`c v`fpunsn`v fjgybkn`v bkc nkvpubkf` fjg'
ybkn`v sj ybusnfnybs` nk sh` nks`uebkl DX gbul`s/ bkc
booj}`c sh` nks`ukbsnjkbonqbsnjk jd sh` Lju`bk }jk+
Sh` jy`knkm jd sh` fbynsbo bffjpks u`vpos`c nk obum`
ebobkf` jd yb~g`ksv vpuyopv`v+ Fpuu`ks bffjpks
vpuyopv`v bt`ubm`c 5+5 y`uf`ks jd MCY/ bkc fbynsbo
bffjpks vpuyopv`v bt`ubm`c 2+2 y`uf`ks jd MCY cpu'
nkm 599990+ Sj yu`t`ks sh` byyu`fnbsnjk jd sh`
Lju`bk }jk/ Lju`bv f`ksubo ebkl onl` gbk~ jd nsv
Bvnbk y``uv nks`ut`k`c h`btno~ nk sh` DX gbul`s1
cpunkm 599990 Lju`bv DX u`v`ut`v nkfu`bv`c e~
#254 enoonjk (Dnmpu` 4./ mntnkm unv` sj sh` h`bt~ fjvsv
cnvfpvv`c `buon`u+ Cpunkm 599996/ sh` tbop` jd sh`
Lju`bk }jk }bv gbnksbnk`c ujpmho~ fjkvsbks jk b
u`bo `dd`fsnt` `xfhbkm` ubs` (U@@U. ebvnv/ shbs nv/
jk b subc`'}`nmhs`c ebvnv bcapvs`c dju cndd`u`kf`v
nk nkstbsnjk }nsh Lju`bv subcnkm ybusk`uv+ Cpunkm
599390/ hj}`t`u/ sh` Lju`bk }jk }bv booj}`c sjbyyu`fnbs` e~ bejps 50 y`uf`ks jk b U@@U ebvnv+
Sh` byyu`fnbsnjk jd sh` LU] cpunkm 599390 sjjl
yobf` c`vyns` b vs`yy`c'py bffpgpobsnjk jd u`v`ut`v1
bkkpbo DX u`v`ut` muj}sh }bv 53 y`uf`ks jk bt`ubm`
fjgybu`c }nsh 26 y`uf`ks jk bt`ubm` cpunkm 599295
bkc 20 y`uf`ks cpunkm 599094+ Sh` byyu`fnbsnjk jd
sh` }jk cpunkm 599390 u`st`fs`c shbs fbynsbo bkc fpu'
u`ks bffjpks nkstj}v }`u` nkfu`bvnkm vhbuyo~+ Sh` ebvnf
ebobkf` jd yb~g`ksv (sh` vpg jd fpuu`ks bffjpks/ DCN/
bkc yjusdjonj ebobkf`v. y`bl`c bs #04 enoonjk (bejps >
y`uf`ks jd MCY. nk sh` ~`bu sj Gb~ 5993/ nsv hnmh`vso`t`o `t`u+ Shnv u`st`fs`c bs o`bvs s}j dbfsjuv1 b obfl jd
u`fjt`u~ nk yuntbs` nkt`vsg`ks bds`u sh` funvnv shbs o`c
sj obum`/ y`uvnvs`ks xf`vv vbtnkmv jt`u nkt`vsg`ksv bv
}`oo bv obum` nkstj}v jd DCN bkc nkt`vsg`ks nk Lju`bk
yjusdjonj v`fpunsn`v/ bv vsupfspubo u`djugv bkc fbynsbo
bffjpks jy`knkm `khbkf`c sh` bssubfsnt`k`vv jd Lju`b
bv bk nkt`vsg`ks c`vsnkbsnjk+
One`ubonqbsnjk jd DX Jpsstj}v U`cpfnkm Ebobkf`
jd Yb~g`ksv Vpuyopv`v
Sh` vpum` nk ebobkf` jd yb~g`ksv vpuyopv`v yujgys`csh` Lju`bk mjt`ukg`ks sj u`djfpv DX yjonf~ jk sh` one'
`ubonqbsnjk jd fbynsbo jpsstj}v e`fbpv` mu`bs`u fbynsbo
jpsstj}v }jpoc boo`tnbs` sh` yu`vvpu` jk sh` Lju`bk
}jk sj byyu`fnbs` bkc sh` fjvs jd obum`'vfbo` vs`unonq`c
nks`ut`ksnjk+ Nk Apk` 5990/ sh` mjt`ukg`ks bkkjpkf`c
nsv Jt`uv`bv Nkt`vsg`ks Bfsntbsnjk Yobk/ }hnfh bejo'
nvh`c sh` f`nonkm jk jt`uv`bv flkbkf` ju nkvpubkf`
epvnk`vv nkt`vsg`ks e~ kjkflkbkfnbo nkvsnspsnjkv bkc
`xybkc`c sh` ongnsv jk u`bo `vsbs` bfrpnvnsnjk beujbc
bkc jt`uv`bv cnu`fs nkt`vsg`ks e~ nkcntncpbov+
Nk 5994/ sh` u`mpobsnjkv jk fbynsbo subkvbfsnjkv }`u`
dpush`u vngyonfl`c/ bkc ongnsv jk u`bo `vsbs` bfrpnvnsnjk
beujbc e~ u`vnc`ksv/ jk jt`uv`bv cnu`fs nkt`vsg`ks e~
nkcntncpbov/ jk sh` jt`uboo k`s jy`k yjvnsnjkv jd DX
ebklv/ bkc jk sh` jeonmbsnjk dju u`ybsunbsnjk jd jt`u'
v`bv fobngv }`u` xybkc`c+ Nk bccnsnjk/ sh` fpuu`kf~
`xfhbkm` epvnk`vv nk Lju`bk }jk e~ dju`nmk flkbkfnbo
nkvsnspsnjkv }bv one`ubonq`c/ bkc ongnsbsnjkv jk sh` ng'
-
8/3/2019 Koreas Money Market
9/13
DNKBKFNBO NKVSNSPSNJKV BKC GBUL@SV 5=
>9
>0
299
290
229
220
259
250
2Kjt
+599=
2Abk
+599=
2Abk
+5994
2Abk
+5990
2Abk
+5993
2Abk
+5996
2Abk
+5995
2Abk
+5992
2Abk
+5999
49
>9
259
209
289
529
539
5=9
Dju`nmk `xfhbkm` u`v`ut`v
Dju`nmk `xfhbkm` u`v`ut`vP+V+ cjoobuv/ enoonjkv
U`bo `dd`fsnt` `xfhbkm` ubs`(5999 7 299.
U`bo `dd`fsnt` `xfhbkm` ubs`
Dnmpu` 41 Lju`b-v Dju`nmk @xfhbkm` U`v`ut`v Fjgybu`c }nsh sh` U`bo @dd`fsnt` @xfhbkm` Ubs` dju
sh` Lju`bk ]jk/ Abkpbu~ 5999Kjt`ge`u 599=
Vjpuf`1 F@NF Cbsb Fjgybk~/ Osc+
yjus bkc xyjus jd sh` Lju`bk }jk dju gjk`~ xfhbkm`ypuyjv`v }`u` u`cpf`c+ Sh` mjt`ukg`ks ngyo`g`ks`c
dpush`u g`bvpu`v sj vpyyjus sh` nks`ukbsnjkbonqbsnjk jd
sh` Lju`bk }jk/ one`ubonqbsnjk jd DX subkvbfsnjkv vpfh
bv jt`uv`bv nkt`vsg`ks e~ Lju`bk kbsnjkbov/ bkc sh`
pymubcnkm jd sh` DX gbul`s+
Nk Abkpbu~ 599=/ dpush`u g`bvpu`v sj ejjvs fbynsbo
jpsstj}v }`u` ngyo`g`ks`c1 y`ugnss`c nkvsnspsnjkbo
nkt`vsjuv bkc jt`uv`bv nkt`vsg`ks jea`fsv }`u` `x'
ybkc`c/ sh` ongns jk u`bo `vsbs` bfrpnvnsnjk beujbc e~
u`vnc`ksv nks`kcnkm sj nkt`vs }bv ubnv`c/ bkc sh` yuj'
f`vv nktjot`c nk gblnkm jt`uv`bv cnu`fs nkt`vsg`ksv}bv vsu`bgonk`c+
Nk 5994/ Lju`bv ebvnf ebobkf` jd yb~g`ksv v}pkm nksj
b c`flfns/ obum`o~ bv b u`vpos jd mu`bs`u fbynsbo jpsstj}v
(Dnmpu` =.+ Jpsstj}v jd DCN hbt` nkfu`bv`c bv flugv
hbt` gjt`c beujbc sj nkfu`bv` sh`nu fjgy`snsnt`k`vv
ju mbnk mojebo vfbo`+ Bkc yjusdjonj jpsstj}v bu` nk'
fu`bvnkm vs`bcno~ bv Lju`bk nkt`vsjuv bu` nkfu`bvnkmsh` nks`ukbsnjkbo cnt`uvnflfbsnjk jd sh`nu vbtnkmv+ Bs
sh` vbg` sng`/ sh` fpuu`ks bffjpks vpuyopv hbv e``k
c`fonknkm bv hjpv`hjoc vbtnkmv hbt` dboo`k nk onk`
}nsh sh`nu nkfu`bvnkm nkc`es`ck`vv+ Nk bccnsnjk/ sh`
obum` bkc dbvs byyu`fnbsnjk jd sh` Lju`bk }jk cpunkm
599390 bkc sh` nkfu`bv` nk sh` yunf` jd `k`um~ hbt`
dpush`u u`cpf`c sh` mjjcv bkc v`utnf`v vpuyopv+ Lju`b
nv kj} sh` jko~ fjpksu~ nk Bvnb sj e` upkknkm b ebvnf
ebobkf` jd yb~g`ksv c`flfns+
Vsu`kmsh jd]jk U st fsv @xy`fsbsnjkv/ Kjs
Ebobkf` jd Yb~g`ksv Vsu`kmsh
C`vyns` sh` vs`bc~ nkfu`bv` nk sh` ebvnf ebobkf` jd
yb~g`ksv c flfns/ sh` tbop` jd sh` Lju`bk }jk hbv
kjs }`bl`k`c gpfh jk b U@@U ebvnv/ bkc sh` }jk
hbv vs`bcno~ byyu`fnbs`c bmbnkvs sh` P+V+ cjoobu+ Shnv
byybu`ks nkfjkvnvs`kf~ u`st`fsv sh` c`t`ojyg`ks jd sh`
DX c`untbsnt`v gbul`s1 sh` ebobkf` jd yb~g`ksv cbsb
-
8/3/2019 Koreas Money Market
10/13
58 SH@ LJU@B @FJKJGNF NKVSNSPS@
fbyspu` jko~ vyjs gbul`s DX subkvbfsnjkv e`s}``k jk'
vhju` bkc jddvhju` fjpks`uybusn`v+ C`untbsnt`v gbul`sv
subkvbfsnjkv (dju}bucv/ fpuu`kf~ v}byv/ bkc jysnjkv.
m`s fbyspu`c e~ sh` ebobkf` jd yb~g`ksv vsbsnvsnfv jko~
sj sh` `xs`ks shbs sh`~ mnt` unv` sj bk bfspbo yb~g`ks
e`s}``k jkvhju` bkc jddvhju` ybusn`v/ bkc fbvh yb~'
g`ksv pvpboo~ u`yu`v`ks jko~ b t`u~ vgboo dubfsnjk jdsh` kjsnjkbo tbop` jd c`untbsnt`v fjksubfsv+ H`kf`/ sh`
ebobkf` jd yb~g`ksv cbsb cj kjs fbyspu` sh` dpoo ngybfs
jd c`untbsnt`v stj}v jk sh` vyjs `xfhbkm` ubs`+
C`untbsnt` stj}v gpvs hbt` vpyyjus`c sh` byyu`fnbsnjk
jd sh` Lju`bk }jk e`fbpv` sh` ebobkf` jd yb~g`ksv
stj}v hbt` e``k yjnksnkm nk sh` cnu`fsnjk jd b }`bl`u
Lju`bk }jk+ Sh` ngybfs jd dju}buc subkvbfsnjkv jk
vyjs nv nkvsbksbk`jpv e`fbpv` ebklv eu`bl dju}buc
subkvbfsnjkv e`s}``k b vyjs bkc dju}buc c`vl+ Fpu'
u`kf~ v}byv bdd`fs sh` vyjs jt`u sng` bv sh`~ bu`
`rpntbo`ks sj b v`un`v jd dju}buc subkvbfsnjkv+ Jysnjkvbdd`fs sh` vyjs ubs` shujpmh h`cmnkm shbs pvpboo~ sbl`v
yobf` shujpmh sh` dju}buc gbul`s+
Subkvbfsnjkv nk sh` DX c`untbsnt`v gbul`sv obum`o~
u`do`fs h`cmnkm bkc dpkcnkm bfsntnsn`v bv }`oo bv
vy`fpobsnjk+ Nk Lju`b obum` `xyjus`uv bkc ngyjus`uv
pvpboo~ hbt` h`cm`c DX u`f`nysv bkc jpsob~v nk sh`
dju}buc gbul`s< nkvpu`uv/ jt`uv`bv nkt`vsjuv/ bkc
ebklv hbt` h`cm`c sh`nu bvv`s ypufhbv`v ju fbuun`c jps
dpkcnkm bfsntnsn`v nk sh` v}by gbul`s< bkc VG@v hbt`pvpboo~ h`cm`c DX u`f`nysv bkc jpsob~v nk sh` jysnjk
gbul`s+ Dju}buc vbo`v jd sh` P+V+ cjoobu e~ `xyjus'
`uv/ `vy`fnboo~ vhnyepnoc`uv/ hbt` u`f`kso~ u`f`nt`c
vsujkm k`}v fjt`ubm`+ ]hno` sh` fpuu`ks bffjpks
vpuyopv hbv e``k vhunklnkm/ `xyjus muj}sh hbv e``k
vpvsbnk`c bs bujpkc 20 y`uf`ks dju sh` ybvs 28 gjkshv
}hno` `xyjusv jd vhnyv hbt` e``k muj}nkm bs fojv` sj
69 y`uf`ks y`u ~`bu+
Vy`fpobsnjk nv m`k`uboo~ sblnkm yobf` gbnko~ shujpmh
vyjs/ dju}buc/ bkc v}by gbul`sv bkc hbv yob~`c bk ng'
yjusbks ujo` nk yujtncnkm onrpncns~ sj sh` gbul`s+ Shnv nv`vy`fnboo~ ngyjusbks e`fbpv` h`cmnkm subkvbfsnjkv s`kc
sj e` jk`'vnc`c1 nd sh`u` nv b gbul`s fjkv`kvpv jk fpu'
39
69
59
29
9
29
59
69
39
09
49Ebvnf ebobkf` jd yb~g`ksv
Yjusdjonj bkc DCN ebobkf`v
Fpuu`ks bffjpks
Kjtge
u59
94
Kjtge
u59
90
Kjtge
u59
93
Kjtge
u59
96
Kjtge
u59
95
Kjtge
u59
9=
P+V+ cjoobuv/ enoonjkv
Dnmpu` =1 Lju`bv Ebobkf` jd Yb~g`ksv/ Fpuu`ks Bffjpks Ebobkf`/ bkc Yjusdjonj bkc Dju`nmkCnu`fs Nkt`vsg`ks Ebobkf`v/ Kjt`ge`u 5995Kjt`ge`u 599=/ enoonjkv jd P+V+ cjoobuv
Vjpuf`1 F@NF Cbsb Fjgybk~/ Osc+
-
8/3/2019 Koreas Money Market
11/13
DNKBKFNBO NKVSNSPSNJKV BKC GBUL@SV 5>
u`kf~ byyu`fnbsnjk/ dju `xbgyo`/ gbul`s ybusnfnybksv
}hj bu` vsupfspuboo~ ojkm P+V+ cjoobuv (`xyjus`uv ju
Lju`bk fjuyjubs`v ju nkt`vsjuv }hj j}k P+V+ cjoobu
bvv`sv. bu` gju` onl`o~ sj h`cm` shbk vsupfspuboo~ vhjus
P+V+ cjoobu gbul`s ybusnfnybksv (ngyjus`uv ju Lju`bk
fjuyjubs`v }nsh P+V+ cjoobuc`kjgnkbs`c c`es.+
Dju nkvsbkf`/ c`vyns` sh` fpuu`ks bffjpksv dboonkm nksj
c`flfns nk sh` fluvs hbod jd 599=/ sh` vnx'gjksh dju}buc
P+V+ cjoobuLju`bk }jk c`fonk`c dujg b y`bl jd bejps
>09 sj b sujpmh jd bejps >29 nk Apo~/ shbs nv/ yunf`c b
vsujkm`u byyu`fnbsnjk jd sh` Lju`bk }jk+ Shnv obum`o~
u`st`fs`c vsujkm `xyjus muj}sh bkc h`cmnkm/ shbs nv/
P+V+ cjoobu dju}buc vbo`v e~ `xyjus`uv+ Bkc/ }nsh sh`
gbul`s fjkv`kvpv nk dbtju jd Lju`bk }jk byyu`fnbsnjk/
ngyjus`uv cnc kjs h`cm` (ep~ P+V+ cjoobuv dju}buc.+
Nk sh` ojkm upk/ hj}`t`u/ byyu`fnbsnjk jd sh` Lju`bk
}jk nv nkfjkvnvs`ks }nsh b fpuu`ks bffjpks c`flfns+Bs >29/ sh` vnx'gjksh dju}buc byy`bu`c jt`uvjoc nk
tn`} jd sh` dpkcbg`ksbov/ bkc vy`fpobsjuv vsbus`c sj
ep~/ }hnfh h`oy`c gjt` sh` vnx'gjksh dju}buc ebfl
sj bejps >39 nk gnc'Bpmpvs (sh` gjt` bovj u`st`fs`c
mojebo `rpns~ gbul`s }`blk`vv`v.+ ]nshjps vy`fpob'
sjuv/ sh` vnx'gjksh dju}buc fjpoc hbt` dboo`k }`oo
e`oj} >29/ bkc nsv tjobsnons~ }jpoc hbt` e``k hnmh`u+
Hnmh`u dju}buc tjobsnons~ nk spuk nkfu`bv`v fjuyjubs`
h`cmnkm fjvsv bkc u`cpf`v sh` vnmkbonkm tbop` jd sh`
dju}buc ubs`+ (Jd fjpuv`/ nd vy`fpobsjuv hbc `xy`fs`c
sh` LU] sj byyu`fnbs`/ sh`~ fjpoc hbt` nkfu`bv`c sh`
tjobsnons~ jd sh` Lju`bk }jk/ eps gblnkm }ujkm fboovu`y`bs`co~ }jpoc nk sh` ojkm upk o`bc sj vy`fpobsjuv
`xnsnkm sh` gbul`s.+
Bv g`ksnjk`c bejt`/ shbs c`untbsnt`v stj}v vpyyjus
Lju`bk }jk byyu`fnbsnjk onl`o~ u`st`fsv xy`fsbsnjkv
jd}jk byyu`fnbsnjk+ Sh`v` onl`o~ u`st`fs b kpge`u jd
dbfsjuv/ nkfopcnkm mojebo P+V+ cjoobu }`bl`knkm< snmhs
Lju`bk gjk`sbu~ yjonf~ (nk Apo~ bkc Bpmpvs 599=/ sh`
EJL hnl`c sh` yjonf~ ubs` e~ 50 ebvnv yjnksv s}nf` nk b
uj}/ sh` fluvs sng` t`u vnkf` sh` nksujcpfsnjk jd nkstb'
snjk sbum`snkm nk 2>>>.< bkc fjksnkp`c bffpgpobsnjk
e~ sh` EJL jd DX u`v`ut`v/ }hnfh vnmkbov yu`vvpu`
dju sh` Lju`bk }jk sj byyu`fnbs`+
Nk bccnsnjk/ bv g`ksnjk`c bejt`/ j}nkm sj bk byybu'
`ks gbul`s fjkv`kvpv jk byyu`fnbsnjk jd sh` Lju`bk
}jk/ vsupfspuboo~ ojkm P+V+ cjoobu gbul`s ybusnfnybksv
v``g sj e` fpuu`kso~ h`cmnkm gju` shbk vsupfspuboo~
vhjus P+V+ cjoobu gbul`s ybusnfnybksv+ H`kf`/ `t`k
shjpmh sh` jt`uboo ebvnf ebobkf` nv vhunklnkm/ ebobkf`
jd yb~g`ksv u`f`nysv bu` muj}nkm bybf`/ }hnfh vpy'
yjusv fjksnkp`c muj}sh nk h`cmnkm stj}v bmbnkvs }jk
byyu`fnbsnjk/ shbs nv/ nk vhjus P+V+ cjoobu yjvnsnjkv+
Sj b obum` `xs`ks/ sh`u`dju`/ byyu`fnbsnjk jd sh`
Lju`bk }jk nv b epeeo`1 sh` }jk nv byyu`fnbsnkm
e`fbpv` gbul`s ybusnfnybksv xy`fs }jk byyu`fnbsnjk+
Bk~ k`}v shbs o`bcv sj b vhnds nk `xy`fsbsnjkv dju sh`
vsu`kmsh jd sh` }jkdju nkvsbkf`/ mojebo P+V+ cjoobu
vsbenonqbsnjk/ gbul`co~ voj}`u xyjus muj}sh/ bvnkm jd
gjk`sbu~ yjonf~ nk Lju`bfjpoc v`` xyjus`uv u`cpf`
sh`nu h`cmnkm bkc ngyjus`uv nkfu`bv` sh`nuv+ Shnv fjpoc
eunkm bejps b vhbuy }`bl`knkm jd sh` Lju`bk }jk bv
ejsh vyjs (sh` ebobkf` jd yb~g`ksv. bkc c`untbsnt`v
gbul`sv subkvbfsnjkv }jpoc sh`k vpyyjus sh` c`yu`fnb'
snjk jd sh` Lju`bk }jk+
U`mpobsju~ Unvl Fjpoc Voj} C`t`ojyg`ks jd DX
Gbul`s nk Lju`b
Lju`bv vhjus's`ug dju`nmk c`es nkfu`bv`c e~ #89+5
enoonjk sj #234+2 enoonjk nk V`ys`ge`u 599= dujg
#40+> enoonjk nk C`f`ge`u 5990+ Gjvs jd shnv nkfu`bv`
u`st`fsv bk nkfu`bv` nk ebklv vhjus's`ug dju`nmk eju'
uj}nkmv e~ #=6+4 enoonjk sj #253+8 enoonjk jt`u sh`
vbg` y`unjc+ Pkonl` sh` vhjus's`ug dju`nmk ejuuj}nkmv
shbs o`c sj sh` 2>>= funvnv/ hj}`t`u/ shnv bffpgpobsnjk
jd vhjus's`ug c`es cj`v kjs u`yu`v`ks b unvl djufl
kbk'fnbo ju `xs`ukbo vsbenons~+ Dnuvs/ vnkf` 5994/ sh` EJL
hbv `dd`fsnt`o~ ebkk`c o`kcnkm nk DX sj pkh`cm`c
ejuuj}`uv< h`kf`/ shnv bffpgpobsnjk jd c`es cj`v
kjs fu`bs` bk jy`k DX `xyjvpu`+ V`fjkc/ sh`v` c`esv
bu` obum`o~ v`od'onrpncbsnkm/ onl` subc` fu`cnsv/ bv sh`~
u`yu`v`ks ebklv ddjusv sj fojv` sh` jy`k DX xyjvpu`
fu`bs`c obum`o~ e~ `xyjus`uv vbo`v jd P+V+ cjoobuv+
Vgboo`u h`cmnkm stj}v dujg xyjus`uv }noo v`` ebklv
jpsvsbkcnkm vhjus's`ug DX c`esv c`fonk`+ Bkc/ `t`k
bds`u shnv nkfu`bv` nk vhjus's`ug DX c`esv/ sh` xs`ukbo
onrpncns~ yjvnsnjk jd Lju`b u`gbnkv xsu`g`o~ vsujkm+
DX u`v`ut`v bs #542+0 enoonjk u`yu`v`ks 289 y`uf`ks jd
vhjus's`ug DX c`esv+
Nk bccnsnjk/ bkc bv vsu`vv`c e~ sh` Nks`ukbsnjkbo Gjk'
`sbu~ Dpkc/ dju`nmk ejuuj}nkm shbs g`u`o~ fojv`v bk
jy`k DX yjvnsnjk cj`v kjs yps yu`vvpu` jk sh` fpu'
-
8/3/2019 Koreas Money Market
12/13
69 SH@ LJU@B @FJKJGNF NKVSNSPS@
u`kf~/ nk fjksubvs }nsh pkh`cm`c `xs`ukbo ejuuj}nkm/
}hnfh cj`v+2 Sh` vjpuf` jd sh` vsu`kmsh jd sh` Lju`bk
}jk nv h`cmnkm e~ vsupfspuboo~ ojkm P+V+ cjoobugbul`s
ybusnfnybksv bkc gbul`s `xy`fsbsnjkv jd Lju`bk }jk
byyu`fnbsnjk ubsh`u shbk ebklv vhjus's`ug DX eju'
uj}nkmv+ Cpunkm V`ys`ge`u 599=/ dju xbgyo`/ ebklv
gbc` k`s u`yb~g`ksv jd vhjus's`ug c`esv jd #8 enoonjk+`s/ cpunkm V`ys`ge`u 599=/ sh` }jk byyu`fnbs`c dujg
>39 sj >20 y`u P+V+ cjoobu+
Nk Apo~ 599=/ sh` Lju`bk bpshjunsn`v bkkjpkf`c shbs/
nk juc`u sj u`cpf` vhjus's`ug DX ejuuj}nkmv/ sh`
bgjpks jd sbx'`x`gys nks`u`vs ubs` fjvsv jk dju`nmk
ebklv ejuuj}nkm dujg h`bcrpbus`uv }jpoc e` u`cpf`c
jk 2 Abkpbu~ 5998 dujg vnx sng`v dju`nmk ebklv
sjsbo `rpns~ sj shu`` sng`v+ Sh` k`}v yujt`c sj e`
t`u~ cnvupysnt` sj sh` jkvhju` DX gbul`s bkc o`c sj
vpevsbksnbo ojvv`v bgjkm Lju`bk bkc dju`nmk ebklv+
Nk bccnsnjk/ sh` vyjs bkc dju}buc P+V+ cjoobuLju`bk}jk `xfhbkm` ubs`v d`oo jk sh` k`}v/ bv sh` g`bvpu`
`dd`fsnt o~ u`yu`v`ks`c bk nkfu`bv` nk sh` fjvs jd P+V+
cjoobu dpkcnkm bkc/ h`kf`/ nkfu`bv`c sh` dju}buc
cnvfjpks (sh` byyu`fnbsnjk jd sh` Lju`bk }jk yunf`c
nk e~ sh` dju}buc `xfhbkm` ubs`.+ Gju` u`f`kso~/ sh`
k`} g`bvpu` hbv bcc`c sj b vhjusbm` jd jkvhju` P+V+
cjoobu onrpncns~ shbs hbv `g`um`c bds`u shnv vpgg`uv
nkfu`bv` nk mojebo flkbkfnbo gbul`s tjobsnons~+
Sh`u` nv b unvl shbs sh`v` pk`xy`fs`c u`mpobsju~
fhbkm`v fjpoc o`bc ebklv sj fpusbno sh`nu ybusnfnybsnjk
nk Lju`bv DX gbul`s/ }hnfh fjpoc v`s ebfl Lju`bvyobkv sj e`fjg` Kjush`bvs Bvnbv flkbkf` bkc ojmnv'
snfv hpe+ Nd sh` Lju`bk bpshjunsn`v d``o shbs sh` u`f`ks
nkfu`bv` nk vhjus's`ug DX c`es nv b vjpuf` jd fjkf`uk/
y`uhbyv shnv fjpoc e` e`ss`u bccu`vv`c shujpmh snmhs`u
yupc`ksnbo upo`v jk ebklv P+V+ cjoobu onrpncns~ ubsnjv
ubsh`u shbk shujpmh bk nkfu`bv` nk sh`nu dpkcnkm fjvsv
shbs hbv m`k`ubs`c gbul`s tjobsnons~/ hbv gbc` ns gju`
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8/3/2019 Koreas Money Market
13/13