The Chinese yuan held steady against the US dollar, with the offshore rate trading near 7.11. This stability follows the People's Bank of China's decision to maintain its benchmark lending rates unchanged, reflecting a cautious monetary policy approach.

The central bank kept the one-year Loan Prime Rate at 3.00% and the five-year LPR at 3.50%, mirroring its earlier decision to maintain short-term policy rates. This comes amid ongoing economic challenges, including slowing industrial production, weaker retail sales, and an unexpected decline in exports.

Market participants now await next week's PMI data for further insight into China's economic health and potential policy directions.