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The Bank of Korea cut rates to 2.75% from 3%, hitting its lowest since August 2022. This was the third rate cut in four meetings, and in line with with expectations from economists polled by Reuters.

Amid an uneven recovery in China, and slowing demand from the U.S., South Korea's economic growth was expected to average 2.4% this year, aligning with the central bank's downwardly revised forecasts.