South Africa’s Surprise Rate Cut No Death Knell for Currency

“It’s not obvious why the currency should weaken from here,” said Kevin Daly, a money manager in London at Aberdeen, which oversees $11 billion of emerging-markets assets, including South African debt. “We’re still looking at very high real rates and it’s not like these guys will be on a rate-cutting spree like Brazil. They’re very limited in what they can do.”

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