China's yuan slips, looks set to snap five-week winning streak

China’s onshore yuan weakened to 6.6690 per dollar on Friday, and was on course for its first weekly decline in six weeks, Business Recorder reported. It was down 0.2% for the week if those losses persisted through the close, following a five-week run of gains.

The People’s Bank of China set its daily midpoint at 6.7168 per dollar, weaker than the 6.6762 level expected in a Reuters estimate. Traders also cited a recent increase in foreign currency reserve requirements for financial institutions and falling Chinese equities as factors weighing on sentiment. Some traders expect year-end currency conversions by exporters to support the yuan, while markets are also watching upcoming US payroll figures for signals on Federal Reserve policy.