China's central bank said on Tuesday that last week’s 2.1 percent revaluation of the yuan did not mean there would be further adjustments to the currency.In a statement, the People’s Bank of China said media reports describing the long-awaited revaluation as an initial adjustment were incorrect. It stressed that reform of China’s foreign exchange regime would be gradual.Earlier, a senior central bank official told Caijing magazine China had the power to keep the yuan largely stable, helped by higher US interest rates and a cooling domestic property market. “We are fully capable of keeping the yuan basically stable at a reasonable and balanced level,” the July 25 edition of the semi-official magazine quoted Yi Gang, an assistant central bank governor. Yi joined other Chinese officials in pledging yuan stability after the central bank last week revalued the yuan and said it was ending the Chinese currency’s decade-long peg to the US dollar by referring it to a basket of foreign currencies.
