南非10年期政府债券收益率接近9.90%，为1月下旬以来的最低水平，反映出投资者对该国财政方向的信心。6月11日，议会批准了第三版国家预算中概述的财政框架和收入措施，这是在7月31日截止日期前通过全面预算的重要一步。此前数月，联盟在税收政策上存在分歧，5月，财政部长Enoch Godongwana选择削减开支和提高燃油税，而不是提高增值税，这一分歧得到了解决。在货币方面，南非储备银行于5月29日将关键利率下调25个基点至7.25%，以在通胀缓解的情况下支持经济。然而，前进的道路是不确定的。尽管通胀远低于新加坡储备银行的目标中点，但地缘政治紧张局势和贸易风险，包括关税和石油冲击，使政策前景复杂化。
The yield on the South African 10-year government bond was near 9.90%, its lowest level since late January, reflecting investor confidence in the country’s fiscal direction. On June 11, Parliament approved the fiscal framework and revenue measures outlined in the third version of the national budget—an important step toward passing the full budget by the July 31 deadline. This followed months of coalition disagreements over tax policy, which were resolved in May when Finance Minister Enoch Godongwana opted for spending cuts and fuel levy hikes instead of raising VAT. On the monetary front, the South African Reserve Bank cut its key rate by 25 bps to 7.25% on May 29 to support the economy amid easing inflation. Nevertheless, the path forward is uncertain. While inflation sits comfortably below the SARB’s target midpoint, geopolitical tensions and trade risks, including tariffs and oil shocks, complicate the policy outlook.
