Yuan set to end week lower

SHANGHAI: China’s yuan is set to end the week lower against a strong US dollar as statements from a key leadership gathering failed to lift sentiment in the Chinese currency.

Chinese officials acknowledged on Friday the sweeping list of economic goals re-emphasised at the end of a key Communist Party meeting this week contained “many complex contradictions”, pointing to a bumpy road ahead for policy implementation.

“RMB markets were not excited at the conclusion of China’s Third Plenum,” said Chang Wei Liang, FX and credit strategist at DBS, adding that the offshore yuan is likely to consolidate around 7.25-7.30 per dollar.