Rand weaker on Monday morning

The rand weakened early on Monday as rare protests in major Chinese cities against the country’s strict zero-Covid curbs dented global market sentiment.

Read: Stocks tumble on unrest in China, dollar climbs: markets wrap

The protests raised investors’ concerns about the growth implications for the world’s second-largest economy.

At 09:20, the risk-sensitive rand traded at R17.12 against the US dollar.

The rand is used by some investors as a proxy for emerging market risk and is highly susceptible to swings in investor confidence.

No major domestic economic data releases were due on Monday.

The Johannesburg Stock Exchange’s Top 40 index was down around 0.9% in early trade. The South African government’s benchmark 2030 bond also slipped, with the yield rising 2.5 basis points to 10.245%.