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ANC secretary-general Ace Magashule may have belatedly got his way. It was about 10 months ago that he shocked markets with an announcement that the governing party wanted the Reserve Bank to consider a policy of “quantity easing” (sic).

After the central bank on Wednesday unveiled new measures to inject liquidity into financial markets, some assumed governor Lesetja Kganyago had finally caved in. Not so fast. At least that's the Bank's preferred narrative. Were people overly fixated on one part of the Bank’s statement?..

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