South African bonds were softer on Wednesday afternoon, tracking a weaker rand, which slid more than 1% against major global currencies after the ANC dismissed speculation that it was set to discuss the removal of President Jacob Zuma.Reuters reported ANC secretary-general Ace Magashule as saying that the only item on the agenda of Wednesday’s national executive committee (NEC) meeting was the party’s January 8 statement — to be delivered on Saturday. Zuma’s removal was "not for discussion or debate".US treasuries were also under some pressure, at their weakest level in almost 10 months, recently hit by a decision by the Bank of Japan to taper the country’s monetary stimulus programme.Markets were also digesting reports that China was considering cutting, or halting, its purchases of US treasuries.If the reports turn out to be true and China no longer sees treasuries as an attractive option, the repercussions could be significant, as the country is one of the biggest holders of US d...
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