The yuan closed up on Friday after the central bank set the official guidance rate at an all-time high in the wake of the dollar falling sharply in overnight trade. However, the yuan's sharp two-month rally has abated in recent days as capital inflows slow amid a crackdown on hot money and signs of weakness in the Chinese economy, as well as a wider retreat from riskier assets by investors in global markets.
The People's Bank of China (PBOC) set the midpoint at 6.1620 on Friday morning, up 0.19 percent from Thursday and a new high. Spot yuan opened flat and stayed there for most of the session but rose slightly in the last half hour before market close to end at 6.1335 per dollar, up 0.04 percent from Thursday's finish.
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