020 7898 0500There were more problems for Africa’s most industrialised country on Thursday, as the South African rand fell to 13 against the USD for the first time in 14 years. Like much of the rest of the world, South Africa is feeling the crunch of the Yuan’s devaluation, as the countries that trade with China are being pressured to weaken their own currencies in line with the Yuan. The reduction in price of resources that account for half of South Africa’s exports is severely damaging the Rand, as China is the main destination for their exports. The rand has fallen 10% against the dollar this year and is not expected to gain any support any time soon, which could mean tough times ahead for the South Africans.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.
