JOHANNESBURG, May 13 (Reuters) - The South African rand edged higher in early trade on Wednesday, as investors awaited developments from a meeting between U.S. President Donald Trump and China's Xi Jinping in Beijing.
o At 0749 GMT, the rand traded at 16.4517 against the dollar, about 0.4% up from its previous close.
o The Trump-Xi summit is scheduled to run from Thursday to Friday. Trump has said he does not think he will need China's help to end the war with Iran, even as Tehran tightened its grip over the Strait of Hormuz.
o "Markets are not expecting dramatic breakthroughs -- Trump himself said Iran would not feature heavily in discussions -- but any signal that China will help pressure Iran to reopen the Strait of Hormuz would be enormously positive for oil prices, inflation, and global markets," said Wichard Cilliers, head of market risk at TreasuryONE.
o Oil prices fell on Wednesday, snapping a three-day rally as investors braced for a high-stakes summit in China.
o Cilliers added that, for South Africa and the rand, a constructive outcome in Beijing this week could provide meaningful relief.
o On the Johannesburg Stock Exchange, the Top-40 index was last up 1% in early trade.
o South Africa's benchmark 2035 government bond was firmer in early deals, as the yield fell 4 basis points to 8.74%.
(Reporting by Anathi Madubela; Editing by Joe Bavier)
