SHANGHAI: China´s yuan inched lower against the U.S. dollar on Friday, reflecting strength in the greenback in global markets, but was on course to finish the week little changed.
The dollar inched higher as the passage of a bill to temporarily extend U.S. government funding raised investors´ optimism that a tax reform bill would also pass.
Forex traders took stronger-than-expected November trade data in stride. China´s exports and imports unexpectedly accelerated last month after slowing in October, an encouraging sign for the world´s second-biggest economy which has started to slow in the face of a government crackdown on debt risks and factory pollution.
Prior to the market opening on Friday, the People´s Bank of China (PBOC) set the midpoint rate lower for the 10th straight day at 6.6218 per dollar, weaker than the previous fix of 6.6195. The streak of weaker official fixes is the longest since mid-November.
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