Rand slips as China puts brakes on imports

Johannesburg - The rand slipped against the dollar in early on Friday trade as stronger than expected mining output failed to shield the currency from fears of a further slump in global commodity prices.

China, the world's top commodities buyer and a key export destination for South Africa, is set to place tariffs on a range of imported raw materials as domestic growth continues to cool.

By 08:38 the rand was 0.25% softer at R11.2380/$, reversing a firmer move in the previous session after September mining output surprised the market with a 5.3% expansion.

Market watchers expected rand buyers to book profits ahead of a spate of off-shore data releases.

"South Africa's currency will likely trade in a tight range in the run-up to eurozone GDP growth and US retail sales data on Friday," NKC Independent Economists said in a note.

Government bonds were flat, with the yield on the benchmark issue due in 2026 unmoved at 7.885%.