Between September and November, non-resident sales of equities amounted to R25.9 billion, while net bond sales amounted to R5.9 billion. We have also observed that, in recent years, capital inflows have been increasingly sensitive to shifts in the US yield curve; while the rand, since May 2013, has been negatively correlated to US Treasury yields.
Let me now turn to our open market operations. As tensions and uncertainty rose in mid-March, investors moved rapidly toward cash and shorter-term government securities, and the markets for Treasury securities and agency mortgage-backed securities, or MBS, started to experience strains. These markets are critical to the overall functioning of the financial system and to the transmission of monetary policy to the broader economy.