Chart of the week: government splits rock the rand

The South African rand slipped by almost 3% last week, its worst five-day showing since August. The backdrop for emerging-market assets has been benign in the past year, but the rand has suffered sharp setbacks whenever recurrent worries over corruption and mismanagement have flared up, notably last month and in late March, when President Jacob Zuma fired his widely respected finance minister.

The latest worry is that Zuma may be set to sack his competent and economically literate deputy Cyril Ramaphosa; investors have been hoping he will take over the presidency.


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