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Yes, first recent sign of direct intervention to keep domestic wages down and support exports.
If foreign limits of tolerance for the appreciation of their currencies have been met and they start buying
dollars to support exports to the US it could trigger a dollar short covering rally/gold sell off/equity sell off/bond rally, etc.
Oct. 22 — Cape Town – Ebrahim Patel, Minister of Economic Development, is preparing to propose “radical” economic policy adjustments after the considerable strengthening of his support base in the past 48 hours.
These include a controversial proposal to freeze South Africa’s currency at a predetermined exchange rate, so that the economy can benefit from the stability of the rand, which is coupled to an external standard.
Patel is apparently working closely with Dr Blade Nzimande, Minister of Higher Education & Training, a political ally of his, in formulating a series of interventions to adjust the economic growth rate in favour of accelerated job creation.
reaching the limits of dollar weakness?