HONG KONG: The yuan strengthened against the dollar on Friday and looked set for its first weekly gain in over a month, after a slew of data showed China’s economy ended 2024 on better footing than expected.
China’s economy grew 5.4% in the fourth quarter from a year earlier, and expanded 5.0% for the full-year 2024, meeting the government’s annual growth target of around 5%, data from the National Bureau of Statistics data showed on Friday.
Factory output and retail sales in December also came above expectations, suggested the economy gained traction heading into the new year thanks to a flurry of government support measures.
By 0230 GMT, the yuan was 0.06% higher at 7.3271 to the dollar, 45 pips firmer than the previous late session close and on track to end a four-week losing streak.
Still, the currency has lost 0.4% against the dollar this month to hover near a 16-month low, as outflow pressure remains amid fears of US tariffs and falling bond yields at home.
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