Yuan steady

SHANGHAI: China’s yuan steadied against the dollar on Friday after sliding overnight as the greenback benefited from receding recession fears thanks to slew of strong US economic data

The two-year US treasury yield hovered near a more than one-week high on the day and the dollar index steadied after a rise in the New York session on Thursday.

“The string of US economic data we have gotten since the last employment report including retail sales and weekly jobless claims suggests that we are unlikely in the midst of a recession,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

“A US soft landing scenario is coming back into focus,” Tan said. At home, China’s July economic data suggested the growth momentum remained weak.