南非3个月期国债 (SouthAfrica3M) 加自选

南非10年期政府债券收益率约为8.89%，为1月下旬以来的最低水平，反映出南非退出全球金融犯罪观察名单后投资者的乐观情绪。该国从“灰名单”中除名被视为一个里程碑，也是对政府改革的信任投票，有助于提高国际信誉。预计这将使在国外工作的公民更容易、更便宜地汇款回家，也可能鼓励对全国各地项目的新的外国投资。南非资产今年表现显著，这得益于财政整顿的进展、联合政府的稳定，以及更可靠的电力和增加基础设施投资等结构性改善。南非储备银行的通缩努力和较低通胀目标的前景也是重要因素。

South Africa’s 10-year government bond yield was around 8.89%, the lowest since late January, reflecting investor optimism following South Africa's exit from the global financial crime watch list. The country's removal from the “grey list” is seen as a milestone and a vote of confidence in government reforms, fostering international credibility. This is expected to make it easier and cheaper for citizens working abroad to send money home and could also encourage new foreign investments in projects across the country. South African assets have seen notable performance this year, supported by progress on fiscal consolidation, the stability of the coalition government (GNU), alongside structural improvements such as more reliable electricity and increased infrastructure investment. Disinflation efforts by the South African Reserve Bank and prospects of a lower inflation target were also significant factors.

南非兰特进一步上涨至17.2美元左右，为2024年9月以来的最高水平，此前该国从监管机构的脏钱名单中删除。总部位于巴黎的金融行动特别工作组于10月24日宣布，该国与尼日利亚、莫桑比克和布基纳法索一起被从加强监测的司法管辖区名单中删除。此举反映了南非自2023年被列入名单以来近三年的改革，增强了机构实力，提高了该国的全球信誉，这可能会促进重要的外国投资。在国内数据方面，南非9月份的通货膨胀率仅从8月份的3.3%小幅上升至3.4%，但未来几个月可能会上升，特别是在最近燃料价格上涨之后。南非储备银行在11月20日的会议上可能会将其政策利率维持在7%，以引导通货膨胀达到其新的3%目标。

The South African rand rose further to around 17.2 per USD, the highest since September 2024, following the removal of the country's removal from a watchdog’s dirty-money list. The Paris-based Financial Action Task Force announced on October 24 that the country, along with Nigeria, Mozambique, and Burkina Faso, had been taken off its list of jurisdictions under enhanced monitoring. The move reflects nearly three years of reforms in South Africa since it was listed in 2023, providing a boost to institutional strength and enhancing the country’s global credibility, which is likely to boost vital foreign investment. On the domestic data front, inflation in South Africa rose only slightly to 3.4% in September from 3.3% in August, but is likely to increase in the coming months, especially after the recent fuel price hike. The South African Reserve Bank may maintain its policy rate at 7% at its November 20 meeting to guide inflation toward its new 3% goal.

南非10年期政府债券收益率约为8.9%，为2024年12月以来的最低水平，反映出投资者对该国经济基本面的信心有所改善。今年南非资产的强劲表现得到了财政整顿进展、联合政府（GNU）稳定以及更可靠的电力和增加基础设施投资等结构性改善的支持。南非储备银行的通缩努力和较低通胀目标的前景也是重要因素。通胀下降使央行今年三次下调基准利率，达到2022年1月以来的最低水平。与此同时，南非即将退出金融行动特别工作组的“灰色”名单，这可能会促进新的投资流入。2023年2月，该国被列入灰色名单，一直在解决反洗钱和反恐融资方面的战略缺陷。

South Africa’s 10-year government bond yield was around 8.9%, the lowest since December 2024, reflecting improved investor confidence in the country’s economic fundamentals. Strong performance in South African assets this year has been supported by progress on fiscal consolidation, the stability of the coalition government (GNU), alongside structural improvements such as more reliable electricity and increased infrastructure investment. Disinflation efforts by the South African Reserve Bank and prospects of a lower inflation target were also significant factors. Falling inflation allowed the central bank to cut its benchmark rate three times this year, reaching the lowest level since January 2022. Meanwhile, South Africa is on the verge of exiting the Financial Action Taskforce’s “grey” list, which could boost fresh investment inflows. Grey-listed in February 2023, the country has been tackling strategic shortcomings in anti-money laundering and counter-terrorist financing.

南非兰特兑美元汇率约为17.5，接近两周低点，受到贵金属价格下跌，尤其是黄金价格下跌的压力。在国内数据方面，南非的通货膨胀率从8月份的3.3%微升至9月份的3.4%，尽管低于分析师预测的3.5%。这可能会导致央行在11月20日的下一次会议上将政策利率保持在7%，以引导通胀率接近3%。7月，货币政策委员会表示，希望通胀率与3%-6%目标区间的下限保持一致，而不是与4.5%的中点保持一致，尽管该目标尚未正式改变。南非储备银行行长Lesetja Kganyago在2025年南非明日投资会议上表示，该国目前正处于“低通胀和稳定通胀”的时代，这应有助于降低通胀预期。尽管如此，他本月早些时候警告称，虽然通胀看起来“相对可控”，但短期内仍有可能出现超调。

The South African rand traded around 17.5 per USD, a near two-week low, pressured by declining prices of precious metals, particularly gold. On the domestic data front, South Africa's inflation edged higher to 3.4% in September from 3.3% in August, though below analysts' estimates of 3.5%. This might lead the central bank to keep its policy rate at 7% at its next meeting on November 20 in an effort to guide inflation toward 3%. In July, the MPC expressed a preference for inflation to align with the lower end of its 3%–6% target range rather than the 4.5% midpoint, though the target has not yet been formally changed. Speaking at the SA Tomorrow Investment Conference 2025, South African Reserve Bank Governor Lesetja Kganyago said that the country is now in an era of “low and stable inflation,” which should help push inflation expectations lower. Nevertheless, he cautioned earlier this month that, while inflation looks “relatively contained,” near-term overshoots are still expected.