The Bank of Korea has been cutting its Base Rate and expanded its Bank Intermediated Lending Support Facility since the second half of last year. I think that this large-scale monetary policy easing has underpinned the recovery of economic activities.
As a consequence, a global shortage of US dollars emerged, affecting banks in emerging market economies as well. Dysfunctional money markets and uncertainty about their own cash needs led banks to aggressively seek liquidity by unwinding their positions in several market segments.