The domestic currency market largely ignored the US Treasury Department's decision not to label China as a currency manipulator in the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen.
Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at a three-week high of 6.5288 per dollar, 9 pips firmer than the previous fix of 6.5297.
Analysts expect the loonie, which has gained 1.5% since the beginning of the year, to benefit from a potential reduction by the Bank of Canada of its bond purchases, a Reuters poll showed this month.
Highly anticipated economic data from China on Friday ultimately had little effect on currencies, even as the world's second largest economy posted record 18.3% growth in the first quarter year-on-year.
The Russian rouble tumbled on Thursday, at one point losing 2% to the dollar in volatile trade and hitting a more than five-month low versus the euro as the White House announced new sanctions targeting Russia's sovereign debt.
"Although China's aggregate finance grew at a slower pace than last year, yuan loan growth was faster than a year ago, showing that shadow banking has continued to shrink," Iris Pang, chief economist for Greater China at ING, said in a note.
On a more cautious note for the economy, Ontario, Canada's most populous province, initiated a four-week stay-at-home order as it battles a third wave of the COVID-19 pandemic.