The rand was firmer on Tuesday afternoon — the second-best-performing emerging-market currency — as calm returned to the markets after China dialled back its currency weakness, easing trade-war jitters that saw the rand test the R15/$ level on Monday.

The People’s bank of China (PBOC) acted on Tuesday to contain the yuan’s weakness after it plunged below 7/$ after US President Donald Trump imposed a 10% tariff on Chinese imports worth $300bn last week...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now