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Markets await UK construction growth report, as South African rand slides
South African government bonds have fallen sharply this morning, matching the drop in the rand.
Shares in the country’s banks are also being hit, on worries that other credit ratings could follow S&P and downgrade South Africa to Junk.
Economist Wandile Sihlobo has tweeted a chart showing how SA’s credit rating rose steadily after apartheid was abolished, but has been falling since the financial crisis
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