The South African rand too a big hit during illiquid trade in Asia, losing over 6% against the dollar at its nadir, since recouping about half of that loss. The loss occurred in the early session as markets sprang out of the new week's starting blocks in full-blown risk-off mode in reaction to weekend remarks from a senior Chinese policymaker that China will have a lot of difficulty in achieving economic growth above 6.5% over the 2016-2020 period. Moody's also chopped Malaysia's sovereign rating outlook to stable from positive.
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