China’s yuan firmed against the U.S. dollar on Friday, on course for its fifth straight winning week, buoyed by rising corporate dollar sales and sustained strength in the country’s exports.
China’s December exports rose 10.9 percent from a year earlier, beating analysts’ forecast for a 9.1 percent increase, but cooling from a robust 12.3 percent gain in November.
A broadly weaker dollar, which fell against its major trading partners on Friday due to soft economic data, also bolstered the yuan.
The Chinese currency is maintaining upward momentum despite huge volatility over the week after the central bank’s move to tweak its midpoint mechanism and a media report quoting sources on China winding down its massive holdings of U.S. Treasuries.