Despite a highly anticipated phone call between U.S. President Donald Trump and Chinese leader Xi Jinping, China's yuan depreciated against the dollar on Friday. While the call, which lasted over an hour, saw Xi urging Trump to reconsider trade measures and warning against actions on Taiwan, it failed to resolve key issues that have fueled tensions, leading to investor skepticism. Analysts suggest that the dialogue offered little comfort regarding tariff cuts, focusing instead on critical materials and tech export control, indicating that any future deal might only be partial. As of 0243 GMT, the onshore yuan was down 0.07% at 7.1837 per dollar, and its offshore counterpart slipped 0.06% to 7.1808, with traders attributing the yuan's slip to Trump's unpredictable policies and a lack of concrete outcomes from the call.

Most Asian currencies are mixed territory on Friday. Japanese yen is lower 0.24%. The Indonesian rupiah is up by 0.39%, while the Indian rupee is up by 0.20%. The Malaysian ringgit is unchanged and the Philippine peso is lower 0.06%. The Australian dollar is lower by 0.13%, the Singapore dollar is flat, and the South Korean won is down by 0.14%.