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South African Rand Rallies, Leads Emerging-Market Currency Gains

The rand rallied to lead emerging market gains as weaker-than-expected Chinese growth data spurred speculation authorities would increase stimulus, boosting demand in the biggest buyer of South African commodity exports.

China’s fourth-quarter gross domestic product growth was the weakest since the 2009 recession, spurring speculation that more stimulus may be needed to revive the world’s second-biggest economy. Emerging-market stocks jumped from the lowest level since 2009 and a gauge of currencies climbed from a record low. South African benchmark bond yields fell by the most in a month.