Since its 2.1 per cent appreciation of the yuan announced on July 21, there were growing expectations in the Western world that further revaluations will follow, triggering increasing speculative fund inflows.

Some critics in Washington have also called for a much more substantial rise of the renminbi against the US dollar.

"Some foreign people have tried to create misunderstanding by saying the adjustment is an initial move and there will be more to come," the bank said in a statement, adding that such foreigners had come up with such explanation "to suit their own purposes".

In fact, the bank said, the renminbi rate was being set "according to objective rules".

"These movements will be created by the floating mechanism and there will be no more official adjustments of the renminbi level," it said.

The central bank said that in trading since revaluation, the yuan had been reflecting market forces and movements in international currency exchange rates.

Renminbi non-deliverable forwards, an off-shore instrument used to bet on the Chinese currency, suggest investors expect significant further appreciation of the renminbi over the next 12 months, the Financial Times reported.