2025年8月金融市场走势（英）

▣Treasury bond yields fluctuated within a narrow range,affectedbyexpectations of the U.S.Federal Reserve’s rate cut and thepotentialexpansionofTreasurybondissuance. ▣The KOSPI fell slightly and then rebounded due to correctionpressurefollowing its recent gains and changing expectations ofregulatoryreformsin thecapital market. ▣Bank lending to the household sector(+2.7trillion won in July2025→+4.1 trillion won in August 2025)andthe corporate sector(+3.4trillionwon→+8.4trillionwon)bothgrew bylarger margins inAugustthan in theprevious month. ▣Deposit-takingbybanksshiftedtoahugeincreaseinAugust(-11.4trillionwon in July 2025→+32.9 trillion won in August 2025),and fundsundermanagement at asset management companies continued togrow(+46.6trillionwon→+15.7trillionwon). 1InterestRatesandStockPrices □Treasury bond yields fluctuated within a narrow range,affectedbyexpectations of the U.S.Federal Reserve’s rate cut and thepotentialexpansionofTreasury bond issuance. □Concerning short-term interest rates,Monetary StabilizationBondand bank debenture rates decreased due to an increase inMMFdeposits and a reduction in Treasury bill issuance,whereasCDratesroseon the back ofgreaterissuance. □The KOSPI fell slightly and then rebounded due to correctionpressurefollowing its recent gains and changing expectations ofregulatoryreformsin thecapital market. 2HouseholdLoans □Bank lendingtothehouseholdsectorgrewbyalargermargininAugustthan in the previous month(+2.7trillion won in July 2025→+4.1trillionwoninAugust2025;+9.2trillionwoninAugust2024). oAlthough the effects of the June 27 policy measures persisted,growthin home mortgage loans,particularly those for homepurchases,accelerated slightly(+3.4trillion won→+3.9 trillion won),asthe increase in housing transactions in May and June wasreflectedwithatimelag. ※Changes inleasehold depositloans(trillionwon):+0.4inJune2025→+0.3inJuly→+0.4inAug.(+0.7inAug.2024). oOther loans reversed to an increase(-0.6trillion won→+0.3 trillionwon)ledby the resumption of non-face-to-face lending,whichhadbeen temporarily suspended in the month earlier,but thegrowthwas limited due to the impact of the reduction inunsecuredloanlimits. 3CorporateFunding □Bank lendingtothecorporatesectorgrewbyasignificantlylargerextentin August than in the month before(+3.4trillion won in July2025→+8.4trillionwoninAugust2025;+7.2trillionwoninAugust2024). oBanklendingtoSMEsgrewtoalargerextent(+2.9trillionwon→+4.5trillion won),led by loans for funds to be used for facilitiesbysmall and medium-sized corporations,owing primarily to anexpansioninmajorbanks’lendingactivities. oBank lending to large corporations also grew to a larger extent(+0.5trillionwon→+3.8trillionwon),duetodemandforfundsfromsomecompaniestorepaydebtandsecureworkingcapital. □Corporate bonds continued to record net redemptions(-0.7trillionwonin July 2025→-1.6 trillion won in August 2025;-0.5 trillion won inAugust2024),driven by seasonal sluggishness,by early fund-raisingbysome companies for debt repayment,and by redmptions ofP-CBOs(-0.5trillionwon). oCPandshort-termbondsrecordednetredemptions(+1.2trillionwon→-0.8trillionwon),assomecompaniesusedloanstoredeemthem.Stockissuance decreased(+4.9trillion won→+0.9 trillion won),as thesharpincreaseinpaid-incapitalseeninthepreviousmonthsubsided. 4FlowofFunds □Deposit-taking by banks shifted to a huge increase in August(-11.4trillion won in July 2025→+32.9 trillion won in August 2025;+21.5trillionwon inAugust2024). oTransferabledepositsshiftedtoanincrease(-24.2trillionwon→+18.1trillionwon),due to inflows of local government funds for fiscalspending,includingsubsidies. oTimedepositsincreasedbyalargeramount(+9.6trillionwon→+12.2trillionwon),boosted by temporary deposits of local governmentfunds,as well as by some banks‘efforts to attract funds forloan-to-depositratiomanagement. □Fundsundermanagementatassetmanagementcompaniescontinuedtogrow(+46.6trillionwoninJuly2025→+15.7trillionwoninAugust2025;-0.9trillionwoninAugust2024). oDeposits intoMMFs sawslower growthcomparedto the previousmonth(+23.3trillionwon→+1.0trillionwon),primarilyfromcorporatefunds,duetoreducedyieldadvantages. oBond-typefunds(+8.9trillionwon→+6.8trillionwon),stock-typefunds(+9.3trillion won→+2.2 trillion won),andother funds(+4.6trillion won→+4.9trillionwon)allcontinuedtorecordnetinflows. HouseholdLoans and Corporate Funding Depositsat Financial Institutions