News South Africa's rand gains as easing US-China tension boost...


- Advertisment -

South Africa’s rand gains as easing US-China tension boost risk demand

News South Africa's rand gains as easing US-China tension boost risk demand

Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS-Thomas White-Illustration

South Africa’s rand rose early on Friday, with sentiment toward risk and emerging market currencies boosted by an easing in tensions between China and the United States and optimism about the re-opening of some economies around the world.

At 0630 GMT the rand was up 0.22% at 18.5400 per dollar after an overnight close of 18.5900, extending the gains that saw it rise around 2% this week as global central bank stimulus encouraged risk-buying. Hopes for economic normalisation also supported sentiment.

Japan, Australia and Pakistan are the latest nations to announce an easing of national lockdowns to curb the spread of the coronavirus.

Reports overnight that China and the United States’ top trade negotiators had held a phone call and agreed to strengthen economic and public health cooperation, after a week of diplomatic tensions, helped spur risk demand.

Bonds also gained, with the yield on the benchmark 2030 government issue down 6 basis points to 9.25%.


Please enter your comment!
Please enter your name here

Recent Updates

Governor Abiodun congratulates Laycon over #BBNaija win

The governor of Ogun State, Dapo Abiodun, has congratulated the winner of the Big Brother Naija reality television show,...

Labour protests in Benin over hike in electricity tariff, fuel price

Members of the Nigeria Labour Congress (NLC) and Trade Union Congress in Edo State took to the streets of...

Subsidy removal: Nigerian government sets up modalities to disburse 2,000 buses

The Federal Government on Monday in Abuja has set up modalities for the disbursement of 2, 000 buses to...

Independence Day: China honours 49 local employees

In commemoration of the independence anniversary of Nigeria and China on October 1, the Embassy of the People’s Republic...
- Advertisement -

Ransomware reportedly to blame for outage at US hospital chain

Health care provider Universal Health Services, one of the largest chains in the US, has been hit by an...

Ondo election: IGP meets civil society situation room

The Inspector-General of Police, Mohammed Adamu, has assured the nation, particularly the people of Ondo State, of the commitment...
- Advertisement -

You might also likeRELATED
Recommended to you