China’s central bank says it plans to keep the Chinese yuan “stable” and there will be no immediate revaluation of the currency.
The comments come just a day after the bank announced plans to make the exchange rate more flexible.
But Chinese authorities have ruled out a large, one-off adjustment in the exchange rate.
China has come under increasing international pressure to change its currency policy.
The US in particular has complained that China is artificially keeping the value of the yuan low to help its exporters at the expense of foreign competitors.
On Saturday, US President Barack Obama welcomed China’s promise of increased flexibility in exchange rates, but the Chinese central bank’s latest comments cast doubt over the scale of its plans.
