China’s Manufacturing Bolsters Rand

China’s manufacturing growth also bolstered the South African rand as it has increased the appeal of the higher-yielding currencies.
China Federation of Logistics and Purchasing Purchasing Managers’ Index advanced to 54.7 in October from 53.8 in September. The Hongkong and Shanghai Banking Corporation Purchasing Managers’ Index also gained, rising from 52.9 to 54.8 in October. Good news bolstered the stocks and the riskier currencies across the world.
USD/ZAR jumped from 6.939 to 6.997 as of 11:30 GMT, following the advance to 7.021.

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