Rand weaker as US-China tensions hit emerging markets

The rand was weaker on Wednesday, in line with most emerging-market currencies, as tension between the US and China escalated again, weighing on investor sentiment.

The US is considering a range of sanctions on Chinese officials, businesses and financial institutions over the crackdown on Hong Kong. US President Donald Trump has said that Hong Kong will lose its place as Asia’s financial hub if the measures from Beijing are pushed through, causing uncertainty in markets.