The Chinese yuan moderately rose on Friday against the world's reserve currency after the central bank of China implemented a fixing that prompted the monetary unit to increase in value, according to The Wall Street Journal.
After the People's Bank of China cut the reference rate from Thursday, demand for the renminbi increased on Friday. The bank acted as such after the greenback showed weakness from Thursday to Friday.
The Asian nation is preparing to release economic data about gross domestic product early next week. A poll administered by The Wall Street Journal indicates the metric increased 7.6 during the final quarter of last year.
The monetary unit of the globe's second-largest economy was heading toward weekly climbs of 0.3 percent against the monetary unit of the world's largest economy. In 2013, the yuan pushed ahead 2.9 percent against the U.S. dollar.
PBOC Governor Zhou Xiaochuan is set to implement aggressive intervention efforts to control the yuan's value, The Economic Times reports. China has healthy amounts of cash, which has tripled since the end of 2006.
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