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    What Markets Tell Us About Jacob Zuma’s Demise

    Zuma’s departure as South Africa’s president may help keep the country’s bonds in an elite club that investors all but have to own

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    Expectations that South African President Jacob Zuma would be forced out have already made the country’s currency a strong performer this year against the dollar. Importantly for markets, Mr. Zuma’s departure may help keep the country’s bonds in an elite club that investors all but have to own.

    The rand is up some 6% against the dollar this year, outpacing gains in many other major emerging-market currencies. The timing of Mr. Zuma’s departure matters: Had he clung on to power, a possible ratings downgrade from Moody’s—which...

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