Rand Takes Top Spot as Emerging Markets Are Back in Vogue

South Africa’s rand is the best-performing currency in emerging markets since Janet Yellen last week signaled that the Federal Reserve won’t rush to tighten monetary policy. The rand has netted an almost 5 percent return in the period for carrying traders, who borrow where rates are low to invest in high-yielding assets. HSBC Holdings Plc predicts that the rand will outperform its peers and doesn’t see the South African Reserve Bank reducing its key rate from 7 percent this Thursday.