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

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

At 0710 GMT, the risk-sensitive rand traded at 17.1500 against the US dollar, about 0.5% weaker than its closing level on Friday.

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

South African rand dips as dollar rebounds on US data

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%.