Emerging market capital flows have since rebounded across the major developing regions but potential headwinds persist, especially given that it cannot be argued that such were in any way related to a change in economic fundamentals. Developments in domestic financial markets  Price action in the South African markets was more or less in line with that of other developing economies.
The most notable development has been the strengthening of the rand which, by last week, had appreciated to a low of R12.31 against the US dollar since our previous cocktail function. This was the strongest that the rand had traded since mid-2015. On a trade-weighted basis, the South African currency had appreciated by about 19%.