Rand stretches recovery after China cuts rates

26 August 2015 - 11:23

By REUTERS

The rand extended its recovery early on Wednesday along with fellow emerging markets after Chinese authorities cut interest rates to support its wavering economy. By 0630 GMT the rand had firmed 0.75 percent to 13.0955 per dollar, shrugging off a second quarter contraction in gross domestic product to reach an overnight high of 12.

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