Share

Rand steadier as China nerves settle

Johannesburg - The rand on Thursday rose off multi-year lows hit in the previous session as the rout prompted by China's surprise currency devaluation showed signs of dissipating.

By 08:44 the rand was mostly flat at R2.7600/$ compared with its closing level at 12.7580 on Wednesday.

The rand plumbed a low of 12.8750 on Wednesday, the weakest it has been since December 2001 according to Thomson Reuters data.

The local unit has tumbled nearly 2% this week after China intervened to sharply devalue the yuan, hitting currencies in emerging markets that export commodities to the world's second-biggest economy.

"Global markets, and so the rand, have recovered as the pace of yuan devaluation slows and as US markets stabilise," Rand Merchant Bank currency analyst John Cairns said.

Government bonds were weaker in early trade, and the benchmark 2026 paper was yielding 4.5 basis points higher at 8.15%.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.06
-0.8%
Rand - Pound
24.04
-0.6%
Rand - Euro
20.55
-0.4%
Rand - Aus dollar
12.37
-0.2%
Rand - Yen
0.13
-0.8%
Platinum
901.20
+0.5%
Palladium
997.97
-0.4%
Gold
2,200.01
+0.2%
Silver
24.52
-0.5%
Brent Crude
86.09
-0.2%
Top 40
68,001
+0.5%
All Share
74,204
+0.4%
Resource 10
56,476
+1.5%
Industrial 25
103,644
+0.4%
Financial 15
16,491
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders