S.Africa cbank's Mminele sees no rand intervention

* Cbank says too strong currency may cause damage

* Will not intervene to weaken rand

* Building reserves when can

JOHANNESBURG, Nov 4 (Reuters) - The rand remaining too strong for too long may harm the economy but South Africa would keep to its policy of not intervening to manage the currency, central bank Deputy Governor Daniel Mminele said.

The Reserve Bank will continue its strategy of building up reserves, though, when market conditions allow, he said.

The local currency ZAR=D3 has lost ground over the past two weeks yet is still around 20 percent stronger against the dollar this year and has gained about 15 percent on the euro.

Reserve Bank Governor Tito Mboweni and Finance Minister Pravin Gordhan have both suggested the rand is too strong.

Mminele said appreciation in emerging market currencies, including the rand, had mostly been driven by external factors, such as increased global liquidity, the depreciation of the dollar and renewed risk appetite.