Johannesburg – The weak rand was a reflection of investor concern surrounding the future of policymaking decisions, a BNP Paribas Cadiz securities economist said on Monday.

The rand plummeted to a record low on Monday as global concerns about China's economy added to investors' worries about domestic political and economic strains before municipal elections later this year.

The rand fell more than 9% to 17.9950 against the dollar, by far its weakest level on record, on fears that China wants to weaken its currency aggressively and boost its export competitiveness.