South African rand weakens to record low on China as stocks fall

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 currency declined 1.7 percent to 16.1417 per dollar by 10:45 a.m. in Johannesburg on Thursday, the most among 31 emerging market and major currencies tracked by Bloomberg. The FTSE/JSE Africa All Share Index slipped 2.5 percent to 47,877.48, falling for a second day to the lowest since Dec. 14.

 – Bloomberg