China's yuan eased against the US dollar on Friday on a weaker official midpoint and heavier corporate demand for the greenback due to seasonal factors, though the Chinese currency looked set for its first weekly gain in a month. Prior to Friday's market opening, the People's Bank of China (PBOC) set the yuan midpoint rate at 6.4003 per dollar, weaker than the previous fix of 6.3919.
In the spot market, the onshore yuan opened at 6.3964 per dollar and was changing hands at 6.4040 at midday, 109 pips weaker than the previous late session close and 0.06 percent softer than the midpoint. If the yuan finishes the late night session at the midday level, it would have gained 0.24 percent to the dollar for the week, the first winning week in four, It declined 0.43 percent the previous week.