South Africa's Rand Gains Second Day on China Stimulus, Barclays
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South Africa’s rand gained for a second day against the dollar as monetary stimulus in China fueled investor appetite for riskier assets and after Barclays Plc said it won’t immediately sell its stake in its local unit.
The currency of Africa’s most-industrialized economy advanced 1 percent to 15.7160 per dollar by 10 a.m. in Johannesburg, bringing its gain in the past two days to 2.8 percent. The rand strengthened 0.9 percent to 17.1073 against the euro, and 0.6 percent to 21.9604 versus the pound. Yields on benchmark government bonds due December 2026 dropped 4 basis points to 9.37 percent.