2025年7月金融市场走势

▣Treasury bond yields fluctuated within a narrow range,but fellslightlyin August due to weak U.S.employment indicators andtheresultingdeclineinU.S.Treasuryyields. ▣The KOSPI continuedtoriseduetoprogressintariffnegotiationsbetweenthe U.S.and major countries,and expectations ofregulatoryreformsinthecapitalmarket. ▣Bank lending to the household sector grew by a much smallermargininJulythaninthepreviousmonth(+6.2trillionwoninJune2025→+2.8 trillion won in July).Meanwhile,bank lending to the corporatesectorreversedtoanincrease(-3.6trillionwon→+3.4trillionwon). ▣Deposit-takingbybanksshiftedtoadecreaseinJuly(+27.3trillionwoninJune 2025→-11.4 trillion won in July 2025),centering on transferabledeposits.Funds under management at asset management companiesgrewsignicantly(-1.3trillionwon→+46.6trillionwon). 1InterestRatesandStockPrices □Treasury bond yields fluctuated within a narrow range,but fellslightlyin August due to weak U.S.employment indicators andtheresultingdeclineinU.S.Treasuryyields. □Major short-term interest rates declined slightly,affected by ariseinMMF deposits. □The KOSPI continuedtorise*duetoprogressintariffnegotiationsbetweenthe U.S.and major countries,and expectations ofregulatoryreformsinthecapitalmarket. *On July 30,the KOSPI(3,254.5)reached its highest level since Aug.9,2021(3,260.4). 2HouseholdLoans □Bank lending to the household sector grew by a much smallermarginin July than in the previous month(+6.2 trillion won inJune2025→+2.8 trillion woninJuly;+5.4trillionwon inJuly2024). oAlthough the impact of increased housing transactions fromAprilto June continued,growth in home mortgage loansslowed(+5.1trillion won→+3.4 trillion won)dueto a reduction inthelimit on mortgage loans for living expenses,and a decreaseindemand for loans for the making of intermediate paymentsrelatedtonewapartmentsales. ※Changes inleasehold depositloans(trillionwon):+0.6inMay2025→+0.4inJune→+0.3inJuly(+0.5 inJuly2024). oOther loans reversed to show a decrease(+1.1trillion won→-0.6trillionwon)dueto reduced unsecured loan limits and tighterlendingattitudesby banks. 3CorporateFunding □BanklendingtothecorporatesectorreversedtoanincreaseinJuly(-3.6trillionwoninJune2025→+3.4trillionwoninJuly2025;+7.8trillionwoninJuly2024),duemainlytoseasonalfactors. oBanklendingtoSMEsgrewtoalargerextent(+0.1trillionwon→+2.9trillionwon),owing primarily to demand for funds for value-addedtaxpayments(onJuly25)andthebusinessexpansionofsomebanks. oBank lending to large corporations shifted to a slight increase(-3.7trillionwon→+0.5trillionwon),duetotherelendingofloansthathadbeentemporarilyrepaidattheendofthesecondquarterinJune. □Corporatebondsshowedcontinuednetredemptions(-0.5trillionwoninJune2025→-0.7 trillion won in July 2025;-1.9 trillion won in July 2024),affectedby sluggish corporate demand for funds to be used forfacilitiesandbyseasonalsluggishness. oCP and short-term bonds shifted to an increase(-0.6trillion won→+1.2trillion won),led by the re-issuance of those temporarilyredeemedat the previous quarter-end.Stock issuance increasedsignificantly(+0.4trillionwon→+4.9trillionwon),drivenbylargepaid-incapitalincreasesbysomecorporations.* *HanwhaAerospace(+2.9trillionwon)andPOSCOFutureM(+1.1trillionwon). 4FlowofFunds □Deposit-takingbybanksshiftedtoadecreaseinJuly(+27.3trillionwoninJune2025→-11.4trillionwoninJuly2025;–30.7trillionwoninJuly2024),centeringontransferabledeposits. oTransferable deposits declinedsignificantly(+38.4trillion won→-24.2 trillionwon)duetotheoutflowsoffundsdepositedatthepreviousquarter-endforfinancialratiomanagementandtodemandfortopayvalue-addedtaxes. oTimedepositsincreased(-7.1trillionwon→+9.6trillionwon),boostedbysomebanks’efforts to attract deposits to meet their regulatoryrequirementsaswellasbytemporarydepositsoflocalgovernmentfunds. □Funds under management at asset management companies grewsignicantly(-1.3trillion won in June 2025→+46.6 trillion won in July 2025;+34.4trillionwoninJuly2024). oDeposits into MMFs shifted to a sharp increase(-20.5trillion won→+23.3trillionwon),drivenbythere-inflowsofcorporatefundsthathadflowedoutatthepreviousmonth-endforfinancialratiomanagement. oBond-type funds(+2.5trillion won→+8.9 trillion won)andstock-typefunds(+7.0trillionwon→+9.3trillionwon)bothexhibitedfastergrowththanin the previous month.Other funds(+9.5trillion won→+4.6trillionwon)alsocontinuedtoincrease. HouseholdLoans and Corporate Funding