The Peoples’ Bank of China’s decision to lower the Yuan's reference point against the dollar to the lowest point since March 2011 caused a large sell off on the JSE Thursday morning, closing 2.10 percent lower and is down 5.2 percent year to date. The Rand dropped to a low of R16.20 to the US dollar causing all major SA banks to trade more than 4% lower. Concerns about the world’s second largest economy caused the emerging markets’ first week of 2016 to end in the red.
Read more in the document below:
Hot Money | Cannon Asset Managers research