A perfect storm hit the rand and local bonds this week as fears grew that SA was heading for full-blown junk status, while the gloves came off in the trade war between the US and China.

The rand, which breached R15.18 to the dollar, hitting an 11-month low, is by far the worst-performing emerging-market currency so far in August, losing almost 5% against the dollar as the foreign sell-off of bonds accelerated.

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