Rand a little firmer after new Chinese stimulus

Rand a little firmer after new Chinese stimulus

19.8.2019

Rand a little firmer after new Chinese stimulus

Beijing moved at the weekend to lower the cost of borrowing for local businesses, although the local currency’s gains are marginal amid the US-China tension

The rand was boosted along with Asian equity markets on Monday morning, lifted a little by new Chinese economic stimulus measures, as well as some good news regarding the US-China trade war.

At 9.30am on Monday the rand was 0.15% firmer at R15.2911/$, 0.11% up at R16.971/€ and 0.31% to the better at R18.5544/£. The euro was flat at $1.1102.

The news that the US is seeking to revisit trade talks with China, which will bring some much-needed stability to the market, and risk-off sentiment could further dissipate, said TreasuryOne senior currency dealer Andre Botha.

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