South African rand gains as China data boosts risk-taking

Kitco Media
By Reuters
Published:
Updated:
Reuters
JOHANNESBURG, March 1 (Reuters) - 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 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 on the revival of activity in China. South Africa's benchmark 2030 bond slipped in early deals, with the yield rising 4.5 basis points to 10.110%. (Reporting by Alexander Winning; Editing by Subhranshu Sahu)

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