South Africa’s currency and bond markets failed to join a global rally fuelled by Federal Reserve Chair Jerome Powell’s signals for a slower pace of monetary tightening and bets for a relaxation in China’s Covid policy. The rand was the worst performer in a basket of 25 developing-nation currencies, while South Africa’s 10-year sovereign yield jumped the most since May 2021.
London time, while the 10-year yield increased 35 basis points to 11.16%. The main index for emerging-market currencies rose 0.7%. Read: Ramaphosa braces for calls to resign over R9.8m theft at farm The African National Congress’s National Executive Committee will on Thursday discuss the findings by an advisory panel that there may be a case for Ramaphosa’s impeachment.
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