China's yuan holds steady, set for fourth weekly rise

China’s onshore yuan edged up 0.03% to 6.6725 per dollar on Friday, while remaining on track to post a fourth straight weekly gain. Business Recorder reported that the currency was close to the more-than-four-year peak of 6.6712 reached a day earlier. If it ends the week at the midday level, its weekly advance will be 0.2%, taking its gain since the start of the year to 4.8%.

The People’s Bank of China set its daily midpoint at 6.7180 per dollar, the yuan’s strongest fixing since February 2, 2023, but weaker than a Reuters estimate of 6.6758. Trading stayed within a narrow range as falling mainland share prices weighed on sentiment and investors awaited next week’s Federal Reserve, Bank of Japan and European Central Bank meetings. China’s fifth plenum, scheduled for October 26-29, is also expected to draw attention for possible policy signals.