ForeXistenZ › Central banks › BOK
Bank of Korea (BOK)
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Sets rates for the won, one of Asia’s most traded currencies.
How the BOK moves the KRW
A central bank sets the interest rate on its currency. Traders compare that rate with the rates of other central banks; the wider the gap, the stronger the pull of money towards the higher-yielding currency. That is why the minutes before a BOK decision are among the most volatile of the month for the KRW. Book I and Book II of the ForeXistenZ trilogy show how to prepare for these days — and when to stay out.
Frequently asked
What does the Bank of Korea do?
Sets rates for the won, one of Asia’s most traded currencies.
Where is the Bank of Korea?
The Bank of Korea (BOK) is in Seoul, South Korea.
Why do forex traders watch the BOK?
Interest rates are the price of a currency. When the BOK raises or cuts rates — or only hints at it — money moves into or out of the KRW, and KRW reacts within seconds.
Where are the BOK’s decisions published?
Official decisions, statements and the meeting calendar are published on https://www.bok.or.kr/eng.
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Other central banks
PBOCPeople's Bank of China
Beijing, China — Sets the daily reference rate of the yuan and is one of the world’s biggest buyers of gold.
BOJBank of Japan
Tokyo, Japan — For decades the anchor of near-zero rates — its every move shakes the yen carry trade.
HKMAHong Kong Monetary Authority
Hong Kong, Hong Kong SAR — Defends the Hong Kong dollar’s peg to the US dollar.
MASMonetary Authority of Singapore
Singapore, Singapore — Steers policy through the exchange rate itself, not an interest rate — a rare model.
BIBank Indonesia
Jakarta, Indonesia — Guards the rupiah for South-East Asia’s largest economy.
RBIReserve Bank of India
Mumbai, India — Manages the rupee for the world’s most populous nation.