南非10年期政府债券收益率已降至9.20%左右，为1月下旬以来的新低，因为对美国降息的预期吸引了投资者进入新兴市场。由于可靠的货币政策、公平的货币估值和高实际收益率，该国的债券越来越有吸引力。即使通胀似乎稳定在央行目标区间的下限附近，实际收益率仍然是新兴市场中最高的。逐步的结构性改善，如更可靠的电力供应、稳定的联合政府、改善的财政政策前景和不断增加的基础设施投资，支持了货币并进一步增强了投资者的信心。然而，由于经济增长仍低于1%，贸易关税带来了重大挑战，因此需要做出更多努力来刺激经济。
South Africa’s 10-year government bond yield has fallen to around 9.20%, a fresh low level since late January, as expectations of US interest rate cuts attract investors to emerging markets. The country’s bonds are increasingly appealing due to credible monetary policy, fair currency valuation, and high real yields. Even with inflation seemingly anchored near the lower end of the central bank’s target range, real yields remain among the highest in emerging markets. Gradual structural improvements—such as a more reliable electricity supply, a stable coalition government, an improving fiscal policy outlook, and rising infrastructure investment—support the currency and further strengthen investor confidence. However, more efforts are needed to stimulate the economy, as growth remains below 1% and trade tariffs pose significant challenges.
