South African rand weakens on resurgent trade war fears

JOHANNESBURG: South Africa's rand weakened early on Friday on resurgent trade war fears after US President Donald Trump proposed tariffs on more Chinese products.

At 0654 GMT, the rand was 0.52 percent weaker at 12.0450 per dollar compared to an overnight close of 11.9825.

President Donald Trump on Thursday directed US trade officials to identify tariffs on $100 billion more Chinese imports, upping the ante in an already high-stakes trade confrontation between the world's two largest economies.

In fixed income, the yield for the benchmark government bond was up 1.5 basis points to 8.055 percent, reflecting weaker bond prices.