China’s yuan steady

SHANGHAI: China’s yuan was largely flat on Friday as regulators continued to support the currency amid expectations that policymakers will need to unveil more economic support measures soon.

Data on Friday suggested the economy was starting 2024 on shaky footing, with persistent deflationary pressures and a slight pick-up in exports unlikely to kindle a quick turnaround in weak domestic activity.

Prior to the market opening, the People’s Bank of China (PBOC) set the midpoint rate at 7.105 per US dollar, firmer than the previous fix 7.1087.

In the spot market, the onshore yuan opened at 7.1672 per dollar and was changing hands at 7.1627 at midday, slightly stronger from the previous late session close.