周四，韩元兑美元汇率升至1390左右，延续了前一交易日的涨势，这得益于韩国央行决定将基准利率保持在2.50%不变，以及美元持续疲软。在周四的政策会议上，央行保持了谨慎的立场，在最近的监管规定后监测家庭债务和房地产市场，同时权衡政府刺激措施和外部风险，如美国关税和美联储的潜在举措。普遍预期会维持利率不变，几乎没有新的动力，而韩元的上涨在很大程度上是由美元疲软推动的。美联储官员的鸽派言论加强了9月份降息的押注后，美元下跌。在国内方面，央行还将2025年GDP增长预测上调至0.9%，这表明对经济持谨慎乐观态度，同时根据金融稳定和全球状况，保持今年晚些时候降息的可能性。

The South Korean won rose to around 1,390 per dollar on Thursday, extending gains from the previous session, supported by the Bank of Korea’s decision to keep its base rate unchanged at 2.50% and continued weakness in the US dollar. At its policy meeting on Thursday, the central bank maintained a guarded stance, monitoring household debt and property markets after recent regulations, while also weighing government stimulus and external risks such as US tariffs and potential Fed moves. The rate hold was widely expected, offering little new momentum, while the won’s gains were largely driven by softness in the US dollar. The greenback retreated after dovish remarks from Fed officials reinforced bets of a September rate cut. On the domestic side, the central bank also raised its 2025 GDP growth forecast to 0.9%, signaling measured optimism for the economy while keeping open the possibility of future rate cuts later in the year depending on financial stability and global conditions.

周四，基准韩国综合股价指数上涨0.24%，至3194点左右，连续第二个交易日上涨，汽车和金融股领涨，起亚公司（2.90%）、现代汽车公司（1.59%）、新韩金融集团（0.76%）、韩亚金融集团（0.49%）和KB金融集团（0.46%）涨幅显著。尽管投资者仍持谨慎态度，但货币决定为市场提供了明确的信息。韩国央行将基准利率维持在2.50%，平衡了金融稳定风险和宏观经济支持。这一决定反映了央行遏制家庭抵押贷款债务快速积累的意图，同时留出时间评估最近实施的财政刺激措施的传导效应。在另一项举措中，韩国央行将其2025年GDP增长预测从1.8%下调至0.9%，理由是势头弱于预期，这一发展对更广泛的市场情绪和有限的上行收益构成了阻力。

The benchmark KOSPI rose 0.24% to around 3,194 on Thursday, rising for a second session as autos and financials led the charge with notable gains from Kia Corporation (2.90%), Hyundai Motor Company (1.59%), Shinhan Financial Group (0.76%), Hana Financial Group (0.49%), and KB Financial Group (0.46%). While, investors remain cautious, the monetary decision provided clarity among markets. the Bank of Korea maintained its base rate at 2.50%, balancing financial stability risks against macroeconomic support. The decision reflects the central bank’s intent to curb the rapid accumulation of household mortgage debt while allowing time to evaluate the transmission effects of recently implemented fiscal stimulus measures. In a separate move, the Bank of Korea revised down its 2025 GDP growth forecast to 0.9% from 1.8%, citing weaker-than-expected momentum—a development that served as a headwind to broader market sentiment and limited upside gains.

正如预期的那样，韩国央行在2025年8月将基准利率维持在2.50%，标志着5月份降息后的第二次暂停。官员们强调，需要监测首尔的房地产市场和不断上升的家庭债务。尽管住房法规更加严格，但房地产价格预期在8月初反弹，随后几周有所缓和。与此同时，家庭贷款急剧加速，主要银行的贷款余额增长速度快于7月份。与此同时，在美国将韩国商品的计划关税从25%降至15%以换取首尔的投资承诺，同时政府加大财政刺激力度后，央行略微上调了其前景。预计2025年国内生产总值将增长0.9%，高于0.8%，2026年预计稳定在1.6%。今年的通货膨胀率预计为2.0%，2026年为1.9%，两者都略有上升。尽管如此，官员们警告称，经济增长仍低于潜在水平，可能需要进一步的支持。

The Bank of Korea (BOK) held its base rate at 2.50% in August 2025, marking a second pause after May’s cut, as expected. Officials highlighted the need to monitor Seoul’s housing market and rising household debt. Despite stricter housing regulations, property price expectations rebounded in early August before moderating in subsequent weeks. At the same time, household lending accelerated sharply, with loan balances at major banks rising faster than in July. Meanwhile, the central bank slightly upgraded its outlook after the US cut planned tariffs on Korean goods to 15% from 25% in exchange for investment pledges from Seoul, while the government boosts fiscal stimulus. GDP is projected to grow 0.9% in 2025, up from 0.8%, with the 2026 forecast steady at 1.6%. Inflation is seen at 2.0% this year and 1.9% in 2026, both marginally higher. Still, officials warned growth remains below potential and further support may be needed.

周三，韩元兑美元汇率稳定在1395韩元左右，结束了连续两天的下跌。此前，韩国总统李明博与美国总统唐纳德·特朗普成功举行峰会，国内商业信心增强，风险情绪有所改善。华盛顿会议被视为缓解了贸易和国防方面的不确定性，而美国可能购买韩国制造的船只和联合能源项目等新的合作承诺提振了出口商的前景。另外，韩国央行的一项调查显示，8月份的商业情绪达到9个月来的最高点，这得益于上个月美韩贸易协议后关税风险的降低以及对半导体和汽车的强劲需求。在全球范围内，由于对美联储独立性的担忧，美元同样保持稳定。展望未来，在韩国央行周四做出政策决定之前，交易员们仍然保持谨慎，由于官员们权衡通胀控制与房地产价格，利率可能会保持在2.50%。

The South Korean won steadied around 1,395 per dollar on Wednesday, halting a two-day decline as risk sentiment improved following President Lee Jae Myung’s successful summit with US President Donald Trump and stronger domestic business confidence. The Washington meeting was seen as easing uncertainties over trade and defense, while new cooperation pledges such as potential US purchases of Korean-built ships and joint energy projects, bolstered the outlook for exporters. Separately, a Bank of Korea survey showed business sentiment at a nine-month high in August, underpinned by reduced tariff risks after last month’s US–Korea trade deal and solid demand for semiconductors and autos. Globally, the dollar likewise held steady on Fed independence concerns. Looking ahead, traders remained cautious before the BoK’s policy decision on Thursday, with rates likely to remain at 2.50% as officials weigh inflation control against property prices.