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| South Africa rand hits all-time low against the dollar | South Africa rand hits all-time low against the dollar |
| (about 3 hours later) | |
| South Africa's currency has fallen to an all-time low against the US dollar. | South Africa's currency has fallen to an all-time low against the US dollar. |
| It briefly hit a rate of 14 to the dollar amid concerns about the strength of the Chinese economy, reports the Reuters news agency. | It briefly hit a rate of 14 to the dollar amid concerns about the strength of the Chinese economy, reports the Reuters news agency. |
| Economies that rely on the sale of commodities - such as South Africa's - have been hit by the slowdown in growth in China, a major source of demand. | Economies that rely on the sale of commodities - such as South Africa's - have been hit by the slowdown in growth in China, a major source of demand. |
| The problem was compounded when China unexpectedly devalued its currency earlier this month. | The problem was compounded when China unexpectedly devalued its currency earlier this month. |
| The rand is particularly vulnerable because it is one of the globe's most highly traded emerging market currencies, South African economist Martyn Davies told the BBC. | The rand is particularly vulnerable because it is one of the globe's most highly traded emerging market currencies, South African economist Martyn Davies told the BBC. |
| He added that South Africa's central bank will find it hard to defend the currency against a slide in value, instead the government needs to address some of the fundamental economic issues such as the problems in the power sector. | He added that South Africa's central bank will find it hard to defend the currency against a slide in value, instead the government needs to address some of the fundamental economic issues such as the problems in the power sector. |
| Analysis: Lerato Mbele, BBC Africa Business Report, Johannesburg | |
| China is South Africa's number one trading partner and a weakening of the Chinese economy will affect the demand for South African goods. | |
| So, the immediate future is not promising. | |
| While other countries have also been affected by the China slowdown, the situation in South Africa has been made worse by the general state of the domestic economy. | |
| In the past year South Africa's economy has struggled to raise growth above 2%. | |
| One factor is the continued labour unrest leading to regular strikes in key areas such as mining. | |
| Another is the electricity shortages due to poor maintenance of the national grid. | |
| For South Africa, there will be a need for deeper evaluation, even after global markets show signs of recovery. | |
| Impact felt elsewhere | Impact felt elsewhere |
| Several other African currencies have been under pressure in recent weeks over fears of a Chinese economic slowdown. | Several other African currencies have been under pressure in recent weeks over fears of a Chinese economic slowdown. |
| With oil currently hovering around $40 (£25) a barrel, there are concerns about the prospects for oil-based economies, especially Nigeria and Angola. | With oil currently hovering around $40 (£25) a barrel, there are concerns about the prospects for oil-based economies, especially Nigeria and Angola. |
| The relative strength of the US dollar has also had an effect on - among others - the Zambian kwacha and the Ugandan shilling, which have both hit record lows in the past week. | The relative strength of the US dollar has also had an effect on - among others - the Zambian kwacha and the Ugandan shilling, which have both hit record lows in the past week. |