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South African Rand Weakens to Record Low on China as Stocks Fall

  • Currency hits oversold levels as Nedbank stays bearish
  • Rabobank sees sustainable pullback in rand as unlikely
Updated on

The rand weakened to a record and South African stocks fell to three-week lows on concern slowing growth in China will weigh on the continent’s second-largest economy.

The rand dropped the most among 31 emerging-market and major currencies tracked by Bloomberg, tumbling as much as 2.1 percent to 16.2027 per dollar on Thursday, as China’s move to weaken the yuan’s reference rate by the most since August spurred a selloff that knocked global equities and currencies, sent oil prices tumbling to 12-year lows and cut prices on commodities from platinum to copper. South Africa’s benchmark share index slid as much as 3 percent to the lowest since Dec. 14, and 10-year bonds ended four days of gains.