Rand plunges to record low

Rand plunges to record low

The Rand slipped yesterday with the currency coming in at R14 against the Dollar at one point.


The currency stabilised to a degree it is currently at about R13.14 to the greenback. 

Markets were struck by falling imports in China. 

Durban-based market analyst, Scott Logan, says the global economy has become so reliant on China to support growth that the worsening data has shaken markets from Asia to the United States.

''Emerging market economies and particularly those who produce commodities like iron, copper and coal continue to come under selling pressure,'' he said.

Logan says desperate attempts are being made by China to stimulate its economy and support a $6-trillion stock market.

(File photo)

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