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Huayu News According to South Africa 365 report, on September 8, the South African rand fell sharply 1.3% against the US dollar on Tuesday to 16.9750 rand. Most of the decline was recorded after the release of GDP data. Data show that Africa's most developed economy shrank by 51% in the second quarter, the fourth consecutive quarter of contraction.
South Africa's economy shrank sharply in the second quarter due to coronavirus restrictions, rattling already fragile investors and boosting expectations for reform.
According to the statistics agency, this is the first time in history since the data was released that the economy has shrunk for four consecutive quarters. Market players said the GDP data could be a good incentive for the South African government to press ahead with urgently needed reforms. "
As the improvement trend of the epidemic situation in South Africa gradually becomes clear, economic activities have continued to recover since the third quarter, and it is expected to be supported after the short-term sharp decline. The market outlook must focus on the power supply capacity. If power restrictions continue to curb the release of production capacity and the recovery of economic activities, it will have a negative impact on Lanzhou. The special trend has created greater tension.
As the recent decline in the US dollar slowed down, the RMB closed down on the day and faced greater pressure after rising to the 200-day moving average. Although the US dollar is still likely to decline in the medium term, the European Central Bank is increasing its easing. It is expected that the euro will decline, thereby supporting the US dollar.
The exchange rate of Bank of China Johannesburg Branch on September 8:
1 RMB (CNY) = 2.4503 rand (ZAR)
1 US dollar (USD) = 16.7382 rand. (ZAR)
1 U.S. dollar (USD) = 6.8309 Chinese yuan (CNY) (Original title: Exchange rate analysis: GDP shrank sharply by 51% in the second quarter, and the rand fell sharply)
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