在美元走强和贵金属价格回落的情况下，南非货币兑美元汇率约为17.4，创下一周多来的最低水平。与此同时，南非储备银行（SARB）如预期的那样将回购利率维持在7%不变，这表明通胀压力仍然是其政策立场的核心。政策制定者指出，尽管8月份通胀率意外降至3.3%，但通胀仍如预期般呈上升趋势。新加坡储备银行预计，今年的整体通胀率平均为3.4%，明年为3.6%，2027年将恢复到3%。储备银行和国家财政部正在讨论将南非的通胀目标降低并缩小到3%左右，将预期锚定在这一水平，而不是之前的4.5%的中点。州长Kganyago表示：“将通胀稳定在3%意味着较低的长期政策利率。”他补充说，货币政策委员会致力于完成改革，并与财政部协调，尽快就新目标达成一致。

The South African traded around 17.4 per USD, hitting the lowest in over a week, amid a strengthening dollar and as precious metals prices retreated. Meanwhile, the South African Reserve Bank (SARB) left its repo rate unchanged at 7%, as anticipated, an indication that inflationary pressures remain central to its policy stance. Policymakers noted that, despite a surprising dip to 3.3% in August, inflation remains on an upward trend as expected. The SARB sees headline inflation averaging 3.4% this year, and 3.6% next year, before reverting to 3% in 2027. The Reserve Bank and National Treasury are discussing lowering and narrowing South Africa’s inflation target to around 3%, anchoring expectations at this level instead of the previous 4.5% midpoint. “Stabilising inflation at 3% implies a lower longer-term policy rate,” Governor Kganyago said, adding that the MPC is committed to finalising the reform and coordinating with the Treasury to agree on a new target as soon as practicable.