HONG KONG: China’s yuan firmed against the US dollar on Friday after the central bank vowed to keep the yuan exchange rate stable amid rising external challenges.
The yuan and other emerging market currencies also got some relief after US President Donald Trump’s threatened reciprocal tariffs were not immediately imposed.
Spot yuan opened at 7.2750 per dollar and was last trading 57 pips firmer than the previous late session close and 1.58% weaker than the midpoint.
The yuan is down 0.1% this week and has dropped 0.4% against the dollar so far this month.
The People’s Bank of China said late on Thursday that it would keep the yuan exchange rate basically stable at a “reasonable and balanced” level and reiterated it would prevent overshooting risks.
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