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Johannesburg. — The rand remained under pressure yesterday morning, although it was slightly stronger than its closing levels, as markets remained unsure of the trajectory of global growth, with China’s economy showing signs of a slowdown. At 8.34am the rand was at 13,4027 to the dollar from a previous close of 13,4354. Against the euro the rand was at 15,1147 from a previous close of 15,2023. Against the pound‚ the rand was at 20,5098 from 20,5600.
The euro was at $1,1277 from $1,1316 previously. University of Oxford adjunct professor of economics Linda Yueh said that since the 2008 global financial crisis, China had emerged as one of the twin engines of world growth.
She said China had contributed as much to world gross domestic product (GDP) growth as the US in the past decade and a half, and even more than the world’s biggest economy since the 2008 financial crisis, according to the International Monetary Fund.
“The countries most affected by a Chinese slowdown are still likely to be those that export a great deal to China, notably commodity exporters such as Australia. — BDLive.
Online Reporter