Currency wars continue
Duncan Richardson, News Editor
12 Mar 2015, 10:07 a.m.
The global currency wars continue as the Bank of Korea unexpectedly cut interest rates overnight to a new record low of 1.75%.
The move looks like a deliberate attempt to weaken the currency and to ensure the export led economy remains competitive. Korea has been losing market share to its main export competitor, Japan, whose currency has been purposefully debased by one of the biggest quantitative easing programs ever implemented.
So far in 2015 the following central banks have lowered key interest rates in an attempt to bolster their economies. It looks like the race to the bottom is in full swing.
European Central Bank