The firing of South Africa's finance minister is worse than it looks (ZAR, USDZAR, USD)

Reuters/Howard Burditt Late on Wednesday, South African President Jacob Zuma fired his well-respected finance minister, Nhlanhla Nene, out of nowhere, and he replaced him with an unknown former mayor, David van Rooyen. Right after that, the country's currency, the rand, plunged to a record low, down about 3%, to 15.0563 against the dollar. The rand dropped lower still on Friday, reaching 16.018 against the dollar earlier in the day, and yields on the country's 10-year bonds jumped to 10.5%, up f...