Storm moves away from Mayotte, three dead in Madagascar
South African rand gains as China data boosts risk-taking
10:00 CAT | 01 Mar 2023
File photo: Reuters/Mike Hutchings
The South African rand gained in early trade on Wednesday after China’s manufacturing activity expanded at its fastest pace since April 2012, fuelling risk-on appetite globally.
At 0522 GMT, the rand ZAR=D3 traded at 18.2900 against the dollar, more than 0.3% stronger than its previous close.
China is South Africa’s largest trading partner, so positive news about the health of its economy tends to lift South African asset prices.
The safe-haven U.S. dollar edged lower=USD on the revival of activity in China.
South Africa’s benchmark 2030 bond ZAR2030= slipped in early deals, with the yield rising 4.5 basis points to 10.110%.
Source: Reuters
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