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Won Rebounds

Won ReboundsWon Rebounds

The won rose, erasing an earlier decline to a five-year low, as South Korea’s government unveiled a record spending plan for next year to boost growth in Asia’s fourth-largest economy. The Finance Ministry on Tuesday proposed a 386.7 trillion won ($322 billion) budget for 2016, which is 2 trillion won more than this year’s. The announcement comes before Friday’s monetary policy review, at which the Bank of Korea is forecast to refrain from cutting its benchmark rate from a record low of 1.50%, according to 16 of 18 analysts surveyed by Bloomberg. The won advanced 0.3% to 1,200.72 a dollar in Seoul.

Financialtribune.com