BRICS summit 2023: Five things that happened TODAY
As South Africa is hosting the BRICS summit for 2023, the summit started today 22 August, here is what happened during the summit:
As the first day of the BRICS summit of developing countries in Johannesburg began, the rand in South Africa increased by 1% as some risk appetite returned to the markets as a result of decreasing US Treasury yields.
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According to Danny Greeff, co-head of Africa at ETM Analytics, the rand surged as much as 1% early in the day as a result of heightened risk appetite when U.S. Treasury yields declined.
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In the words of Greeff, “US Treasury yields would need to continue falling, or at least not rising further, for the (rand) bulls to remain in control of the market in the coming days.”
The rand was 0.88% stronger than its previous finish when it traded at 18.7925 against the dollar at 11:29 GMT. The dollar’s recent trading against significant counterparts was flat.
ALSO READ: South African rand weakened ahead of BRICS summit
JAY Z SONG COMING LIVE IN THE BRICS SUMMIT
Brics to host Jay Z? No, but a rapper’s song disrupted the business forum summit’s live feed. While watching the Brics Business Forum live stream Jay Z’s song December 4th made a surprise appearance, drowning out the words of the Brazilian finance minister, Fernando Hadd.
According to Ramaphosa, South Africa and China share the same ideas on the extension of the Brics. On the topic of the growth of the membership of the Brics group of rising countries, South Africa and China share similar views, according to South African President Cyril Ramaphosa, who made the remark on Tuesday during a state visit by Chinese President Xi Jinping.
ALSO READ: South Africa ready for the first day of BRICS summit
CHINA AND SOUTH AFRICA
China is ‘committed’ to improve relations with South Africa, according to Xi President Xi Jinping declared on Tuesday in Pretoria, South Africa, that no matter how the world changes, China’s willingness to advance friendly and cooperative ties with South Africa will not.
From August 22 to 24, Xi will be in South Africa on a state visit and to attend a conference of the Brics presidents.
ALSO READ: President Xi Jinping arrives in South Africa for BRICS summit