Rand weakens as US-China tension weighs on sentiment

The rand was weaker on Friday, coming off two-month highs amid global risk-off sentiment, as mounting tension between the US and China overshadowed earlier gains after a repo rate cut by the SA Reserve Bank.

The local currency weakened alongside its emerging-market peers amid fears of escalating tension between the US and China, after reports that China plans to impose a new security law on Hong Kong. US President Donald Trump warned that the US would react strongly should the law be imposed.