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Chinese authorities set strong daily fixing, defending key USDCNY 7.3 level. US ten-year yield remains near 16-yr highs, pulls back from 4.33%. Equities down, WTI crude up, gold flat, US dollar mixed ....
Former Treasury Secretary Larry Summers said Silicon Valley Bank made an "elementary" mistake in banking that led to its collapse and takeover by federal regulators. ....
Cyril Ramaphosa stepping down could unleash a perfect storm in financial markets that would render a 4.2% slide in the rand small fry compared to the 2001 rand crisis. Investors hate the unknown, and with no sign of a successor who would ease investors’ worries, they will put SA into self-isola. ....