bIllustration photo of South African rand

South Africa's rand firms on economic stimulus, easing trade tensions

(Reuters) - South Africa's rand strengthened against the dollar on Friday, regaining some ground lost overnight on global stimulus to bolster slackening growth and signs of improvement in Sino-U.S. trade relations.

The rand was up 0.39% at 14.7650, as of 0544 GMT, after dropping as much as 1% overnight.

The rand is benefiting from easing Sino-U.S. trade tensions, Wayne McCurrie, portfolio manager at FNB private wealth said.

U.S. and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Asian shares inched up on Friday as economic stimulus around the world eased fears over slowing growth.

Government bonds were flat, with the yield on benchmark 2026 instrument at 8.21%.

(Reporting by Emma Rumney and Onke Ngcuka; Editing by Aditya Soni)

2019-09-20 09:36:49

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