China signaled on Friday it was opposed to a bigger rise in the yuan as markets bet that Beijing’s 2.1 percent revaluation would be just the first stage in a long, upward march for the currency.
The yuan began trading in Shanghai at 8.11 per dollar, the new rate announced on Thursday evening, and then hugged a tight range under the watchful gaze of the central bank before ending the day at 8.1111.