South African rand weaker as China COVID protests hurt global sentiment

JOHANNESBURG, Nov 28 (Reuters) - 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 ZAR=D3 traded at 17.1500 against the U.S. 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.

No major domestic economic data releases were due on Monday.

The Johannesburg Stock Exchange's Top-40 index .JTOPI was down around 0.9% in early trade. The South African government's benchmark 2030 bond ZAR2030= also slipped, with the yield rising 2.5 basis points to 10.245%.
Reporting by Alexander Winning; Editing by Kirsten Donovan

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