July 24, 2018 / 11:09 AM / 5 months ago

South Africa's rand firms after Ramaphosa announces $14.7 bln China investment

JOHANNESBURG, July 24 (Reuters) - South Africa’s rand firmed more than one percent on Tuesday to a three day best following President Cyril Ramaphosa’s announcement that China would invest $14.7 billion in the local economy, spurring some offshore demand for the currency.

At 1100 GMT the rand had firmed 1.06 percent to 13.3300 per dollar, its firmest since Thursday.

“We saw some dollar weakness at the start of the day, and there was a also a big technical support level at 13.40 that triggered some stops. The news that China would invest in the local economy has supported some foreign inflows,” said senior trader at Standard Bank Oliver Alwar. (Reporting by Mfuneko Toyana Editing by James Macharia)

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