China's yuan inched lower against the dollar on Friday (April 21) and looked set for a marginal weekly loss, though the biggest in six weeks, as investors continued to await clues on US monetary tightening as the next trading catalyst. The weakness in the local currency was tracking the firmer greenback in global markets, as bets for another rate hike by the US Federal Reserve in May firmed, though its gains were capped by soft economic data pointing to a slowing economy. "The dollar's movements and the Fed's policy outlook should continue to guide the yuan," said a trader at a foreign bank.

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