FX.co ★ Offshore Yuan Gains, Still Set for Weekly Loss

The offshore yuan appreciated past 7.16 to the dollar on Friday, building on gains from the previous day, bolstered by a strong intervention from the People’s Bank of China. The central bank established the daily midpoint at 7.1475, surpassing the anticipated 7.1771, indicating ongoing policy measures to support the currency. Simultaneously, Australian Prime Minister Anthony Albanese revealed plans to meet with Chinese President Xi Jinping during an upcoming visit aimed at enhancing business relations. In China, investors are preparing for significant economic reports due next week. Notably, the second-quarter GDP and trade data are anticipated to offer crucial insights into the repercussions of the evolving US-China trade tensions. Despite Friday's upward movement, the currency is poised to break a three-week upward streak.