SA’s rand weaker as China-U.S. trade deal delay weigh


JOHANNESBURG – South Africa’s rand weakened early on Monday, dragged lower by renewed uncertainty over the signing of a trade agreement between China and the United States.

At 0800 GMT the rand was 0.62% weaker at 14.9420 per dollar, compared with a close of 14.8500 on Friday in New York.

Officials from Beijing and Washington said late last week that a rollback of some tit-for-tat tariffs had been agreed as part of a preliminary deal, but that has yet to be finalised – a delay that has led to risk appetite draining from global markets after initial optimism had lifted demand.

As a result, most emerging market currencies opened on the back foot against a climbing greenback.

Bonds also opened weaker, with the yield on the benchmark paper due in 2026 adding 7 basis points to 8.53%.

Reporting by Mfuneko Toyana; Editing by Alex Richardson

Previous articleNSE benchmark index down -16.68% YTD as MSCI delist Nigerian financial institutions
Next articleGambia files Rohingya genocide case against Myanmar at World Court – justice minister
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.