The rand appreciated the most against the dollar this month as commodity prices and stocks rallied after data showed China’s economy is still growing. The rand strengthened as much as 1.2 percent to 6.722 per dollar, the biggest intraday gain since May 31. The currency of Africa’s largest economy traded 0.8 percent stronger at 6.7490 by 10:21 a.m. in Johannesburg. It slipped 0.1 percent to 9.7624 per euro. South Africa’s FTSE/JSE Africa All-Share index gained for second day, rising 0.5 percent, led by mining companies including BHP Billiton Ltd. and Anglo American Plc. (AGL) The MSCI Emerging Markets Index snapped a four-day losing streak and the Standard & Poor’s GSCI index of 24 raw materials rose for the first day in three after China’s industrial production rose more than estimates. China is the biggest buyer of South African commodities, including coal and iron ore. “Markets have been buoyed this morning by better-than- expected industrial production data out of China, which has also revived commodity prices,” Michael Keenan, a Johannesburg-based analyst at Standard Bank Group Ltd., said in a research note. “The rand could continue to ride the wave of positive global sentiment,” he wrote, without providing an estimate. Government bonds declined for a fifth day, driving yields to their highest level in almost three weeks, before a government debt auction today. The nation will sell 2.1 billion of bonds maturing in 2026 and 2036, according to central bank data on Bloomberg. The 10.5 percent notes due 2026 fell 22 cents to 116.77 rand, driving the yield up two basis points, or 0.02 percentage points, to 8.53 percent, the highest since May 25, according to data compiled by Bloomberg. The 6.25 percent securities due 2036 slipped 10 cents to 74.99 rand, boosting the yield one basis point to 8.73 percent. To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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