South African President Jacob Zuma told senior leaders of the South African Communist Party that he plans to fire Finance Minister Pravin Gordhan, according to three people with knowledge of the matter.
Speculation that Gordhan is on the verge of being fired has swirled for months, as he clashed with Zuma over the management of state companies and the national tax agency.
The rand weakened as much as 2.9 percent and was at 13.0043 to the dollar by 8:21 a.m. in Johannesburg.
Zuma, 74, ordered Gordhan to cancel meetings with investors in the U.K. and the U.S. and return home on Monday, a day after he had flown to London to begin the week-long roadshow.
While Gordhan has led efforts to keep spending in check and fend off a junk credit rating, Zuma wants to embark on ?radical economic transformation? that he says will tackle racial inequality and widespread poverty.
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