"That is impossible. I have not received any such notice. We don't have any expectations for this, we won't give any time table for this," said a spokesman from the People's Bank of China.

He was responding to a report that moved foreign currency markets saying China will loosen the yuan's fixed exchange rate for the first time in a decade on May 18 when more currencies are added to the forex trading system.

Expectations of a revaluation hit a peak before the May Day holiday as market participants speculated that China's central bank would adjust the currency over the week-long holiday. No action was taken by China, however.

The yuan is effectively pegged at about 8.28 to the dollar, a level that many of the country's foreign trade partners argue is artificially low and unfairly boosts exports.