African Bonds, Currencies Plunge as Commodity Slump Strikes

African assets tumbled amid the global markets rout on Monday on concern China’s economy is slowing and as commodities fell to a 16-year low.

Half the world’s 20 worst performing currencies as of 3:54 p.m. in London were African, with Zambia’s kwacha falling the most globally and South Africa’s rand reaching a new low against the dollar. Yields on Nigeria’s Eurobonds soared to record highs, while Ghana’s dollar yields rose above 10.5 percent for the first time since December.