Amid increased anxiety over Ramaphosa’s white farmer land confiscation and reports of a $4.2 billion bailout of state-owned enterprises, the Emerging Market rout in Turkey has sparked a collapse in the Rand in early Asia trading.
The Rand crashed 10% against the dollar almost instantaneously as Asian FX markets opened…
As Bloomberg reports, South Africa is planning a 59 billion-rand ($4.2 billion) bailout for state-owned companies including the post office, arms manufacturer Denel SOC Ltd. and South African Airways, the Johannesburg-based Sunday Times reported, citing unidentified government officials.
The contagion from Turkey’s collapse is not helping as broad-based EM liquidations are dragging everything lower…
As the Emerging Market FX rout continues…
And offshore Yuan is sliding…
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