The South African rand endured its fourth-straight day of losses on Monday as concerns spread about growth in China, according to Bloomberg.
Representatives from the nation hosting the largest economy in the African continent are prepared to resume negotiations with mining industry operatives to close labor disputes at the country's mines. The central bank of South Africa, which is slated to convene this Wednesday, is likely to leave interest rates unchanged, according to all 25 analysts and economists surveyed by the news source.
The current account of South Africa is being pinched by labor disputes at Anglo American Platinum Ltd., Impala Platinum Ltd. and Lonmin Plc. More than half of the country's earnings for foreign exchange are dependent on exports of metal and South African is stocked with the globe's biggest supplies of platinum and chrome.
The rand fell about 1.2 percent on Monday against the U.S. dollar after having dropped to its lowest rate since October 2008 earlier during the trade session.
Nigeria is prepared to release gross domestic data information next month, which might push its economy past that of South Africa as the continent's largest, according to Business Day.
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