Rand weakens on U.S, China trade tensions

The Rand, South African Currency.

South Africa’s rand weakened early on Monday, slumping to its weakest in almost a week as trade tensions between China and the United States soured global risk demand.

At 0615 GMT the rand was 0.2% weaker at 15.3300 per dollar compared to a close at 15.3000 on Friday in New York, tracking its Asian counterparts lower as last week’s selloff that hit equities and risk currencies spilled into the new week.

Bonds were also weaker, with the yield on the benchmark paper due in 2026 up 4.5 basis points to 8.32%.

It would be recalled that the U.S. President, Donald Trump on Friday heaped an additional 5% duty on some $550 billion in targeted Chinese goods, just hours after China unveiled tariffs on $75 billion worth of U.S. goods.

Peace PIAK