Currency market action focused on developments with the Chinese yuan and the Hong Kong dollar.

So far this year, the onshore yuan has rebounded 1 pc against the US dollar

Mnuchin says China not a currency manipulator for now

The Chinese yuan weakened against the US dollar on Friday morning, after new US Treasury Secretary Steven Mnuchin said he won’t label China a currency manipulator for now, backing away from US President Donald Trump’s tough rhetoric on China’s yuan valuation policy.