Rand weakens as US-China tension hogs sentiment

The rand was weaker on Thursday as a new security law for Hong Kong fueled concern about escalating tension between the US and China.

The local currency weakened alongside its emerging-market peers after China’s parliament approved the security law on Thursday. The US had earlier warned that it may slap sanctions on China should the law be implement, further straining relations between the superpowers, and on Thursday repeated that he is “doing something now” over the issue.