Rand gains as China data boosts risk-taking

The South African rand gained in early trade on Wednesday after China’s manufacturing activity expanded at its fastest pace since April 2012, fuelling risk-on appetite globally.

At 09:05, the rand traded at R18.28 against the dollar.

China is South Africa’s largest trading partner, so positive news about the health of its economy tends to lift South African asset prices.

The safe-haven US dollar edged lower on the revival of activity in China.

South Africa’s benchmark 2030 bond slipped in early deals, with the yield rising 4.5 basis points to 10.110%.