•  Secondly, South Africa, having been the settlement centre for a long period of time, has realised by allowing its payment system to be used by other countries it could introduce risk from these countries, which, in turn, could destabilise its financial system.
In either case, the strong USD dollar story had begun to form a solid base – market caused the DXY to start to ratchet up and the 10-year Treasury yield to begin falling precipitously.1 This fundamental story was not, however, without challenge.