China's yuan firmed against the dollar on Friday, after the central bank set a stronger midpoint for the first time in days, but traders and analysts warned of continued pressure after the currency had its biggest weekly slide since January. For the week, the yuan was down 0.76 percent against the dollar, with traders saying the fall was mostly driven by dollar strengthening. China's weaker-than-expected trade data also dented sentiment.
The yuan's post-holiday slide does not seem to have triggered a rush for the exits - yet. The People's Bank of China set the midpoint rate at 6.7157 per dollar prior to market open, firmer than the previous fix 6.7296. The spot market opened at 6.7223 per dollar and was changing hands at 6.7250 by late afternoon, 6 pips away from the previous close and 0.14 percent away from the midpoint.