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Bank of Korea cuts key rate to record low of 0.75%

Move at emergency meeting follows easing steps by Fed and BOJ

South Korea's central bank is expected to cut its benchmark rate to a record low in an emergency meeting on Tuesday.   © Reuters

SEOUL -- The Bank of Korea cut its benchmark rate by 50 basis points to a record low of 0.75%, following other central banks with easing to support a global economy threatened by the new coronavirus outbreak.

The decision at an emergency meeting Monday by the bank's seven-member board is aimed at supporting the country's plunging stock market.

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