South Africa's rand backtracks after China cuts lending rates

South Africa's rand slipped on Monday after China cut interest rates for the third time in six months, putting emerging market currencies back under pressure. "It looks like the market is starting to believe strongly in the 'lower for longer' rates scenario," Warrick Butler, a currency dealer at Standard Bank, said in a market note. Government bonds held on to recent gains with yields mostly lower, although the benchmark instrument due in 2026 was flat at 8.09 percent in early trade, with inflow