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The South African rand traded around 16.4 per USD, holding near its strongest level since April 20 and proving resilient amid domestic political risks. Traders appear to be taking a wait-and-see approach amid renewed scrutiny of President Cyril Ramaphosa through a parliamentary impeachment process. Parliament is moving ahead with a 31-member impeachment committee to investigate the Phala Phala matter, after a Constitutional Court ruling revived proceedings over alleged foreign currency theft at President Ramaphosa’s Limpopo farm in 2020. However, expectations of Ramaphosa’s imminent departure have eased after his firm statement that he will not resign. The possibility of impeachment remains, though markets are partly pricing in the view that the economic reforms he has championed under the GNU would likely continue even in such a scenario. The South African Reserve Bank’s credibility has also helped stabilise investor expectations and limit currency volatility.

South African Rand Shows Resilience

New yuan loans by Chinese banks fell by a net CNY 10 billion in April of 2026, contrasting with the net CNY 285 billion extended in the corresponding period of the previous year and market expectations of a net CNY 300 billion increase. Likewise, aggregate financing, a broad measure of credit flows, fell to a net CNY 620 billion in the period, the lowest in two years and well under forecasts of a CNY 1.5 trillion net increase. The figure point to a slowdown in the issuance of new bonds from the central and local governments in China, reflecting pressure in credit demand as aggregate demand in China remains sluggish despite the signals of incoming stimulus measures.

China New Yuan Loans Unexpectedly Contract

Rubber futures surged more than 4% to above 230 US cents per kilogram in mid-May, hitting a fresh high in more than nine-years, propelled by expectations of tightening supply due to weather-related disruptions. Thailand, the world’s leading producer, is expected to see heavy rainfall over the coming week, according to the national meteorological agency, which also warned of possible flash floods and river overflows in the southern regions where most of the country’s rubber plantations are located. Prices were also supported by higher oil prices, as fading hopes of a quick resolution to the Middle East conflict kept crude elevated. Natural rubber prices tend to track oil, since higher crude costs increase synthetic rubber production expenses, making natural rubber more competitive.

Rubber Futures Climb Over 4%

The annual inflation rate in Botswana surged to 10.3% in April 2026 from 4.2% in the previous month. This marked the highest reading since December 2022, largely driven by a sharp rise in transport costs, which climbed 28.5% (6.4% in March), following significant increases in retail fuel prices and public transport fares. Inflation also accelerated for alcoholic beverages and tobacco (10.3% vs 9.9%) and miscellaneous goods and services (10.3% vs 9.4%). On the other hand, prices declined for housing and utilities (-1.7% vs -2.4%) and communication (-1.1% vs -1.2%). On a monthly basis, consumer prices went up by 6.7% in April, the sharpest rise on record and up from and 0.4% gain in the preceding period.

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