China has warned off speculators by saying last week's 2.1 per cent revaluation of the yuan did not mean more adjustments in the currency would follow.
Foreign media reports describing the long-awaited move as an "initial adjustment" to the exchange rate were incorrect, the People's Bank of China said in a statement.
The revaluation of the yuan, also known as the renminbi, was simply the first step in reform of the whole currency regime.
"It does not mean that the renminbi was adjusted by 2 per cent as an initial step, with further adjustments to come later," the central bank said.
The statement appeared aimed at clarifying remarks by central bank governor Zhou Xiaochuan on Saturday describing the move as an "initial adjustment".
The statement also seemed to ward off speculators and avoid the impression that the yuan was a one-way bet on further appreciation, said Yiping Huang, an economist with Citigroup in Hong Kong.
The statement, which also stressed that reforming the foreign exchange regime would be a gradual process, showed the central bank is trying to manage market expectations given that it wants to allow market forces to play a greater role.