JOHANNESBURG - South Africa’s rand plunged to an all-time low on Monday, falling below 18.00 to a dollar after ratings firm Moody’s cut the country’s last investment grade credit rating to “junk”, adding to mounting panic about the coronavirus outbreak.
Moody’s downgrade will see South Africa kicked out of the benchmark World Government Bond Index of local-currency debt at the end of April, triggering up to $12 billion of forced selling, treasury and analysts estimate. The central bank’s decision to a launch a “quantitative easing” style bond-buying program, alongside easier repo terms for commercial banks, was also set to support demand for government bonds and limit a sharp spike in the curve.
FILE PHOTO: South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings/File Photo
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Xi Jinping's mugshot should henceforth feature with Stalin, Hitler & Mussolini. The other three were previous century. Xi would be the debutant villain for the 21st.
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