{"id":50631,"date":"2026-07-01T10:51:06","date_gmt":"2026-07-01T10:51:06","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr-asia\/uncategorized\/cnb-%eb%af%b8%ec%84%b8-%ec%a1%b0%ec%a0%95%ec%8b%9d-%ea%b8%88%eb%a6%ac-%ec%9d%b8%ec%83%81-%ed%9b%84-%ea%b8%88%eb%a6%ac-%eb%8f%99%ea%b2%b0-%ec%8b%9c%ec%82%ac%ec%bd%94\/"},"modified":"2026-07-01T10:51:06","modified_gmt":"2026-07-01T10:51:06","slug":"cnb-%eb%af%b8%ec%84%b8-%ec%a1%b0%ec%a0%95%ec%8b%9d-%ea%b8%88%eb%a6%ac-%ec%9d%b8%ec%83%81-%ed%9b%84-%ea%b8%88%eb%a6%ac-%eb%8f%99%ea%b2%b0-%ec%8b%9c%ec%82%ac%ec%bd%94","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/cnb-%eb%af%b8%ec%84%b8-%ec%a1%b0%ec%a0%95%ec%8b%9d-%ea%b8%88%eb%a6%ac-%ec%9d%b8%ec%83%81-%ed%9b%84-%ea%b8%88%eb%a6%ac-%eb%8f%99%ea%b2%b0-%ec%8b%9c%ec%82%ac%ec%bd%94\/","title":{"rendered":"CNB, \ubbf8\uc138 \uc870\uc815\uc2dd \uae08\ub9ac \uc778\uc0c1 \ud6c4 \u2018\uae08\ub9ac \ub3d9\uacb0\u2019 \uc2dc\uc0ac\u2026\ucf54\ub8e8\ub098\ud654 \uc9c0\uc9c0\u00b7\ubcc0\ub3d9\uc131 \uc81c\ud55c"},"content":{"rendered":"

\uccb4\ucf54\uc911\uc559\uc740\ud589(CNB) \ubd80\ucd1d\uc7ac \uc5d0\ubc14 \uc790\ub9c8\ub77c\uc9c8\ub85c\ubc14\ub294 \uc608\uc0b0\uc704\uc6d0\ud68c\uc5d0 \ucd9c\uc11d\ud574 6\uc6d4 18\uc77c \ub2e8\ud589\ub41c 25bp \uae08\ub9ac \uc778\uc0c1\uc774 \uc0c8\ub85c\uc6b4 \uae34\ucd95 \uad6d\uba74\uc758 \uc2dc\uc791\uc774 \uc544\ub2c8\ub77c \u201c\ubbf8\uc138 \uc870\uc815(fine-tuning)\u201d\uc5d0 \ubaa9\uc801\uc774 \uc788\uc5c8\ub2e4\uace0 \ubc1d\ud614\ub2e4. \uadf8\uc758 \ubc1c\uc5b8\uc740 \uc815\ucc45\ub2f9\uad6d\uc774 \ub2f9\ubd84\uac04\uc740 \u201c\ub530\ub77c\uc7a1\uc558\ub2e4(caught up)\u201d\uace0 \ud310\ub2e8\ud558\uace0 \uc788\uc73c\uba70, \uc5f0\uc18d \uc778\uc0c1\uc5d0 \ucee4\ubc0b\ud558\uae30\ubcf4\ub2e4\ub294 \ucd94\uac00 \ub370\uc774\ud130 \ud655\uc778\uc744 \uc120\ud638\ud55c\ub2e4\ub294 \uc810\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<\/p>\n

\uc774 \uac19\uc740 \ud1a4\uc740 8\uc6d4 \ud68c\uc758\uc5d0\uc11c\uc758 \ub3d9\uacb0\uc744 \uac00\ub9ac\ud0a4\uba70, \uc0c8\ub85c\uc6b4 \uc804\ub9dd\uce58\uac00 \uacf5\uac1c\ub418\ub294 9\uc6d4\uc5d0 \ub17c\uc758\uac00 \uc7ac\uc810\ud654\ub420 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4. CNB\uc758 \ucee4\ubba4\ub2c8\ucf00\uc774\uc158\uc740 \ubcf4\ub2e4 \ube44\ub458\uae30\ud30c\uc801(\ub3c4\ube44\uc2dc) \ud574\uc11d\uc758 \uc5ec\uc9c0\ub3c4 \ub0a8\uaca8\ub450\uace0 \uc788\uace0, \uc2dc\uc7a5\uc740 \uc62c\ud574 \ud6c4\ubc18 \ucd94\uac00 25bp \uc778\uc0c1\uc5d0 \ub300\ud55c \uc794\uc874 \ud655\ub960\uc744 \uacc4\uc18d \ubc18\uc601\ud560 \uc218 \uc788\ub2e4. \uc774\ub7ec\ud55c \uac00\uaca9 \ud615\uc131\uc740 \uc2e4\uc81c \uc778\uc0c1\uc774 \ub098\uc624\uc9c0 \uc54a\ub354\ub77c\ub3c4 \uccb4\ucf54 \ucf54\ub8e8\ub098\uc5d0 \uc81c\ud55c\uc801\uc774\ub098\ub9c8 \uc9c0\uc9c0 \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud55c\ub2e4.<\/p>\n

Policy Outlook Suggests a Pause<\/h3>\n

\uc6b0\ub9ac\ub294 \ucd5c\uadfc \uccb4\ucf54\uc911\uc559\uc740\ud589\uc758 25bp \uc778\uc0c1\uc744 \uc0c8\ub85c\uc6b4 \uae34\ucd95 \uc0ac\uc774\ud074\uc758 \ucd9c\ubc1c\uc774 \uc544\ub2c8\ub77c \ub9c8\uc9c0\ub9c9 \u2018\ubbf8\uc138 \uc870\uc815\u2019\uc73c\ub85c \ud574\uc11d\ud55c\ub2e4. \uc790\ub9c8\ub77c\uc9c8\ub85c\ubc14 \ubd80\ucd1d\uc7ac\uc758 \ubc1c\uc5b8\uc740 \uc774\uc0ac\ud68c\uac00 \ud604\uc2dc\uc810\uc5d0\uc11c\ub294 \u2018\ucda9\ubd84\ud788 \ud588\ub2e4\u2019\uace0 \ub290\ub07c\uace0 \uc788\uc74c\uc744 \uac15\ud558\uac8c \uc2dc\uc0ac\ud55c\ub2e4. \uc774\ub294 8\uc6d4 \ud68c\uc758\uae4c\uc9c0 \uae30\uc900\uae08\ub9ac\uac00 \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub420 \uac00\ub2a5\uc131\uc744 \ub192\uc778\ub2e4.<\/p>\n

\uc774 \uac19\uc740 \uc2e0\uc911\ud55c \uae30\uc870\ub294 \ucd5c\uadfc \uc778\ud50c\ub808\uc774\uc158 \uc9c0\ud45c\ub85c\ub3c4 \ub4b7\ubc1b\uce68\ub41c\ub2e4. 6\uc6d4 \ubb3c\uac00\uc0c1\uc2b9\ub960\uc740 2.4%\ub85c \ud558\ub77d\ud574 \uc911\uc559\uc740\ud589\uc758 2% \ubaa9\ud45c\uc5d0 \ub354 \uadfc\uc811\ud588\ub2e4. \uacbd\uc81c\uc131\uc7a5\ub3c4 1\ubd84\uae30 0.3% \uc99d\uac00\ub85c \uc644\ub9cc\ud55c \ud750\ub984\uc744 \ubcf4\uc774\uace0 \uc788\uc5b4, \ubcf4\ub2e4 \uacf5\uaca9\uc801\uc778 \ub300\uc751\uc5d0 \ub300\ud55c \uc555\ub825\uc740 \ud06c\uc9c0 \uc54a\ub2e4. \uc774\ub7ec\ud55c \ub370\uc774\ud130\ub294 CNB\uc5d0 \u2018\uad00\ub9dd\u2019\ud560 \uc5ec\uc9c0\ub97c \uc81c\uacf5\ud55c\ub2e4.<\/p>\n

CNB\ub294 \uacfc\uac70\uc5d0\ub3c4 \uc720\uc0ac\ud55c \uacbd\ub85c\ub97c \ubcf4\uc5ec\uc654\ub2e4. 2021~2022\ub144\uc758 \uacf5\uaca9\uc801 \uae08\ub9ac \uc778\uc0c1 \uc774\ud6c4, \uc774\uc0ac\ud68c\ub294 \uc644\ud654\uc5d0 \ub098\uc11c\uae30 \uc804 7.00%\uc5d0\uc11c 1\ub144 \ub118\uac8c \uae08\ub9ac\ub97c \ub3d9\uacb0\ud588\ub2e4. \uc774\ub7f0 \uc804\ub840\ub97c \uac10\uc548\ud558\uba74, \ud604 \uc2dc\uc810\uc5d0\uc11c\ub3c4 \uc7a5\uae30 \ub3d9\uacb0 \uc2dc\ub098\ub9ac\uc624\uac00 \uc720\ub825\ud558\ub2e4.<\/p>\n

\ub3d9\uacb0 \uac00\ub2a5\uc131\uc774 \ub192\ub354\ub77c\ub3c4 \uc2dc\uc7a5\uc740 \uc62c\ud574 \ud6c4\ubc18 \ucd94\uac00 1\ud68c \uc778\uc0c1 \uac00\ub2a5\uc131\uc744 \uc18c\ud3ed\uc774\ub098\ub9c8 \uacc4\uc18d \uac00\uaca9\uc5d0 \ubc18\uc601\ud560 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. \uc774\ub7ec\ud55c \uc794\uc874 \ub9e4\ud30c(\ud638\ud0a4\uc2dc) \uae30\ub300\ub294 \ucf54\ub8e8\ub098\uc758 \ud558\ubc29\uc744 \uc81c\ud55c\ud558\uba70 \uc720\ub85c \ub300\ube44 \ucf54\ub8e8\ub098\ub97c \uc9c0\uc9c0\ud558\ub294 \u2018\ubc14\ub2e5\u2019 \uc5ed\ud560\uc744 \ud560 \uc218 \uc788\ub2e4. \ub2e8\uae30\uc801\uc73c\ub85c \ud1b5\ud654\uc758 \uc758\ubbf8 \uc788\ub294 \uc57d\uc138\ub294 \uc608\uc0c1\ud558\uc9c0 \uc54a\ub294\ub2e4.<\/p>\n

Market Impact and Strategy Considerations<\/h3>\n

\ud30c\uc0dd\uc0c1\ud488 \ud2b8\ub808\uc774\ub354 \uad00\uc810\uc5d0\uc11c, \ud604 \ud658\uacbd\uc740 \ud5a5\ud6c4 \uc218\uc8fc \ub3d9\uc548 \ud658\uc728 \ubcc0\ub3d9\uc131\uc774 \ub0ae\uc544\uc9c8 \uac00\ub2a5\uc131\uc744 \uc2dc\uc0ac\ud55c\ub2e4. EUR\/CZK \ud658\uc728\uc774 24.80 \uc218\uc900\uc744 \uc911\uc2ec\uc73c\ub85c \ubc15\uc2a4\uad8c\uc5d0 \uba38\ubb3c \uac00\ub2a5\uc131\uc774 \ub192\uc740 \ub9cc\ud07c, \ub2e8\uae30\ubb3c \ucf54\ub8e8\ub098 \ucf5c\u00b7\ud48b \uc635\uc158\uc744 \ub9e4\ub3c4(\uc1fc\ud2b8)\ud558\ub294 \uc804\ub7b5\uc774 \ub9e4\ub825\uc801\uc77c \uc218 \uc788\ub2e4. \uc774\ub294 \uc608\uc0c1\ub418\ub294 \uc548\uc815\uc131\uacfc \uc2dc\uac04\uac00\uce58 \uac10\uc18c(\uc138\ud0c0)\uc5d0\uc11c \uc218\uc775\uc744 \ucd94\uad6c\ud558\ub294 \uc811\uadfc\uc774\ub2e4.<\/p>\n

\uae08\ub9ac \uce21\uba74\uc5d0\uc11c\ub294, \ud5a5\ud6c4 \uc218\uac1c\uc6d4 \uad6c\uac04\uc758 \uc120\ub3c4\uae08\ub9ac\uacc4\uc57d(FRA)\uc774 \ucd94\uac00 \uc778\uc0c1 \uac00\ub2a5\uc131\uc744 \uc720\uc758\ubbf8\ud558\uac8c \ubc18\uc601\ud558\uace0 \uc788\ub2e4\uba74 \uace0\ud3c9\uac00\ub3fc \uc788\uc744 \uacf5\uc0b0\uc774 \ud06c\ub2e4. \uc6b0\ub9ac\ub294 \ub2e8\uae30 \uae08\ub9ac\uc758 \uc548\uc815(\ub3d9\uacb0)\uc744 \uc804\uc81c\ub85c \ud55c \ud3ec\uc9c0\uc154\ub2dd\uc774 \ubcf4\ub2e4 \uc2e0\uc911\ud55c \uc120\ud0dd\uc774\ub77c\uace0 \ubcf8\ub2e4. CNB \ucd94\uac00 \uae34\ucd95\uc744 \uaca8\ub0e5\ud55c \ud22c\uae30\uc801 \uac70\ub798\uc758 \u2018\ucc3d\u2019\uc740 \uc810\ucc28 \ub2eb\ud788\ub294 \ubd84\uc704\uae30\ub2e4.<\/p>\n\n\n\n

\uc9c0\uae08 \ubc14\ub85c \uac70\ub798\ub97c \uc2dc\uc791\ud558\uc138\uc694 \u2014 VT Markets \uc2e4\uacc4\uc88c\ub97c \uac1c\uc124\ud558\ub824\uba74 \uc5ec\uae30<\/a>\ub97c \ud074\ub9ad\ud558\uc138\uc694.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

\u201c\ucd94\uac00 \uae34\ucd95 \uc5c6\ub2e4?\u201d CNB\ub294 6\uc6d4 25bp \uc778\uc0c1\uc744 \u2018\ubbf8\uc138 \uc870\uc815\u2019\uc73c\ub85c \uaddc\uc815, 8\uc6d4 \ub3d9\uacb0\u00b79\uc6d4 \uc7ac\ub17c\uc758 \ubb34\uac8c. \uc778\ud50c\ub808 \ub454\ud654 \uc18d \uc794\uc874 \uc778\uc0c1 \uae30\ub300\uac00 \ucf54\ub8e8\ub098 \ud558\ubc29\uc744 \uc81c\ud55c.<\/p>\n","protected":false},"author":87,"featured_media":50297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-50631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/50631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=50631"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/50631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media\/50297"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=50631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=50631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=50631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}