The rand: more than meets the eye – Moonstone Information Refinery

The rand: more than meets the eye – Moonstone Information Refinery

A year ago, one month before South Africa’s general election, foreign asset managers turned bullish on the country after the yield gap between South Africa’s implied 10-year government bond and that of the United States reached 8%. Statistics published by Commodity Futures Trading Commission indicate that the net combined commitment of asset managers via futures and options to the rand increased by more than R10 billion by the end of September f…