The question of how far and quickly the yuan will fall depends on Beijing's resolve in countering Donald Trump's tariffs with stimulus measures.

Beijing contends with a weakening yuan while awaiting policy clues from the incoming Donald Trump’s administration.

Base metals declined after US President Donald Trump said he would likely enact tariffs on Mexico and Canada by Feb. 1, hurting market sentiment even as he held off from imposing levies on China.

The 5% expansion is in line with the target set by Beijing, but it is the weakest since 1990, excluding the pandemic years.

In contrast, policymakers at the U.S. Federal Reserve are now anticipating fewer ... while cautioning that Beijing's stimulus measures were "insufficient" to do more than stabilize the economy ...

Markets rose Friday after a record day on Wall Street in response to Donald Trump's tax-cut pledge, while the yen strengthened after a widely expected interest rate hike by the Bank of Japan.

The Hong Kong Monetary Authority left its base rate unchanged at 4.75% on Thursday, tracking a move by the U.S. Federal Reserve to keep rates steady.

The central bank’s decision to pause at its first meeting of 2025 followed a series of cuts that began in September to account for progress already made on getting inflation down. Over the course of three meetings, the Fed lowered rates by a full percentage point to a range of 4.25 percent to 4.5 percent, which was maintained on Wednesday.

Japan's Nikkei was up about half a percent at the midday break, on track to snap a three-day losing run. Australia's stock benchmark gained 0.9%, with additional momentum from a mild inflation print that boosted the odds for a rate cut when the Reserve Bank meets next month.

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The threat of sweeping tariffs, a central plank of his campaign promises, had raised concerns of a resurgence in inflation