Yuan bounces back after China reinstates counter-cylical factor in daily fixing

China's currency jumped back on Friday afternoon after the country's central bank reinstated the so-called 'counter-cyclical factor' in its daily price-fixing mechanism for the yuan, Reuters reported.

As of 1319 BST, the US dollar was trading -0.47% lower versus the yuan to 6.8455, reversing the prior day's gains.

Just the day before, senior Chinese officials had reiterated that Beijing would not resort to weakening its currency to gain leverage in its trade negotiations with Washington.