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Concerns that emerging markets will continue to lose ground

Economists Chris Hart says the Chinese economy and the devaluation of the yuan are mostly to blame.

The local currency has come under continued pressure over the past few weeks. Picture: EWN.

JOHANNESBURG - There's concern that emerging markets currencies will continue to lose major ground against the pound and the dollar after the rand broke through the 21 rand level.

The local currency has come under continued pressure over the past few weeks and is now trading at around 13,83 to the dollar.

Economists Chris Hart says the Chinese economy and the devaluation of the yuan are mostly to blame.

"It's not clear that it's because of dollar strength if anything the euro/dollar rate has been static. It seems to be factors focusing on emerging markets."