Tuesday, September 21, 2021

    South African rand firms on U.S.-China trade optimism

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    JOHANNESBURG (Reuters) – South Africa’s rand firmed against the dollar in early trade on Tuesday, in line with a rise in stocks, as hopes of a de-escalation in the Sino-U.S. tariff war rose on reports that China’s top trade negotiator was preparing to visit the United States ahead of a meeting between the leaders of two countries.

    At 0645 GMT, the rand traded at 14.3850 per dollar, 0.57 percent firmer, having closed in New York at 14.4675.

    The South China Morning Post reported that Liu He may visit Washington as part of the preparations for the talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Argentina later this month.

    Investor sentiment had been dented by the escalating trade spat between the United States and China, as focus turns to this month’s Trump-Xi meeting.

    Government bonds were weaker early on Tuesday, with the yield on the benchmark instrument due in 2026 up 0.5 basis points at 9.230 percent.

    Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.23 percent.

    Reporting by Nomvelo Chalumbira; Editing by Subhranshu Sahu

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