Adapt or fail

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Market turbulence has left a lasting imprint on the South African rand. The bankruptcy of Lehman Brothers on September 15 last year, combined with a chronic liquidity crisis and continued losses on subprime mortgage portfolios, has caused a widespread bout of risk aversion in global markets. Amid an unwinding of the carry trade, international banks and hedge funds have pulled back from the South African currency, which in turn has had an effect on the behaviour of those remaining in the market,

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