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. With foreigners owning 37% of South Africa’s 2.2 trillion rand domestic bond market, his concerns are warranted.
The biggest fear is that South Africa’s impending ejection from investment-grade bond indexes will have overseas investors rushing to the exit. The rand fell 2% to a record low of 18.08 against the U.S. dollar on Monday morning. But it may not be all doom and gloom. South Africa’s trajectory has been obvious for years. The coronavirus-triggered stampede from emerging markets will have cleared out the remaining laggards. Other nations are also facing similar downgrades.
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