The People's Bank of China, the central bank, raised the value of the yuan against the US dollar on Friday, the first increase after a three-day depreciation of more than 4 percent.

The daily reference rate for the Chinese currency was pegged at 6.3975 yuan per dollar, compared with the four-year low rate of 6.4010 a day earlier.

The move follows comments made by Yi Gang, vice-governor of the PBOC, on Thursday that the central bank would take necessary steps to stabilize the foreign exchange market.