WEEK IN REVIEW: South African Rand Falls for Seventh Consecutive Week due to Concerns about China’s Economic Wellbeing

The South African rand fell for a seventh consecutive session due in part to investor concerns about the economic well-being of the country’s largest trading partner, China.  The SA currency is now at its lowest level since January, weighed down by the ongoing lockdowns that have cooled demand for African natural resources by keeping factories offline and limiting operations at many of China’s largest ports. (REUTERS)

The Swiss mining giant Glencore will now join several Chinese and Israeli firms to face scrutiny in the DRC over unfair mining contracts.  Kinshasa added Glencore’s Mutanda copper and cobalt mine to the growing list of contracts signed under the previous government of Joseph Kabila that will now be reviewed. Some of Mutanda’s mining permits expire in May and Kinshasa will want to ensure that any contract renewals are equitable for the DRC. (BLOOMBERG)

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The post WEEK IN REVIEW: South African Rand Falls for Seventh Consecutive Week due to Concerns about China’s Economic Wellbeing appeared first on The China Africa Project.

source https://chinaafricaproject.com/2022/04/29/week-in-review-south-african-rand-falls-for-seventh-consecutive-week-due-to-concerns-about-chinas-economic-wellbeing/