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BLBG: Yuan Slides, Dollar Steadies With Asia Shares Mixed
 
(Bloomberg) -- China’s yuan pared its record weekly rally after the currency fixing was strengthened less than analysts expected, while Mexico’s peso climbed as the central bank sold dollars. Asian stocks were mixed ahead of the monthly U.S. jobs report.
The yen, euro and British pound all weakened for the first time in three days and the Turkish lira extended its decline. The MSCI Asia Pacific Index was headed for its best start to a year since 2010 and emerging markets rose for a fourth straight day. Samsung Electronics Co. shares climbed 1.8 percent in Seoul after profit beat estimates as it bounced back from the death of its fire-prone Galaxy Note 7. The three-month interbank lending rate for the offshore yuan rose to a record high in Hong Kong.
China is risking eroding confidence in its currency by repeatedly tightening capital controls, according to hedge-fund manager Benjamin Fuchs. While the stock rally and Treasury rout that greeted Donald Trump’s win have been under threat for the past month, the dollar stabilized Friday after a two-day tumble. The U.S. jobs report is expected to confirm a sixth straight year with more than 2 million jobs added, a pace that could be difficult to sustain.
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