Movements in the value of the rand can also, of course, be exacerbated by pure speculative trading activity in the foreign exchange market. Undoubtedly, however, the first three factors I mentioned earlier have dominated market sentiment and commentary in recent days. I believe that the pressures on the rand are really, truly and honestly overdone.
China’s growth has been driven by several factors: high domestic investment and savings ratios, sizable foreign direct investment, the impact of catch up technologies, the massive shift of labour from subsistence agriculture to higher productivity roles in urban industrial 4  BIS central bankers’ speeches  production, and on-going market based reforms including, importantly, those associated with its membership of the World Trade Organisation since 2001.