The yuan's weakening has reflected the narrowing spreads between interest rates of China and the U.S., and an overly depreciated yuan will bring no benefit, Tai said.
Major Asian markets closed sharply lower on Monday, the first trading day of the second half of the year, as heavy losses were recorded in China ahead of a looming deadline when tariffs from both Washington and Beijing are expected to take effect.
Elsewhere in currency markets, the euro, which had been pressured by political uncertainty in Germany, pared losses in late USA trade on reports Chancellor Angela Merkel's conservatives settled a row over migration that threatened to topple her governing coalition after interior minister Horst Seehofer dropped his threat to quit.
China's central bank moved to calm jittery financial markets yesterday after the yuan fell through the psychologically significant 6.7 to the United States dollar mark, hitting its lowest in nearly a year as anxieties over U.S. trade frictions deepened.
In a statement posted on the Chinese central bank's website Tuesday, Governor Yi Gang said it's "paying close attention" to recent fluctuations in the market and will seek to keep the yuan stable at a reasonable level.
Thankfully for regional risk, the PBoC engaged the Yuan airbrake yesterday afternoon and at least for the time being, with the help of Chinese state-owned banks who were seen selling dollars to prop up the Chinese currency, is restoring a sense of calm in regional markets.
Chinese currency and stock markets have been jittery ahead of a July 6 deadline for USA tariffs on $34 billion worth of Chinese goods that Beijing has said it would match with tariffs on US products.
The benchmark Shanghai Composite Index once slumped 1.9 percent in the morning, but managed to end up 0.41 percent to close at 2,786.89 points.
Belgium fancied to knock Brazil out of the World Cup
If we show the same mentality as we did on Monday, we have a big chance. "Whether it's going to be realistic, I don't know". Against Japan, Kevin De Bruyne was deployed far too deep until the latter stages.
The Hong Kong stock market on Tuesday wrote a finish to the two-day winning streak in which it had advanced nearly 600 points or 2.1 percent.
After being one of the outperforming currencies for most of the year, the yuan has become one of the worst performing currencies in the Asian markets.
"The euro is getting a bit of a lift on the German data though the trade concerns will continue to dominate markets with the Fed minutes being the key data point", said Kenneth Broux, a currency strategist at Societe Generale in London.
Also on Monday, Washington moved to block China Mobile from offering services to the US telecommunications market, recommending its application be rejected because the government-owned firm posed national security risks.
Focus was on whether the RBA makes a mention of the recent U.S.
China is Australia's major export market and its currency, the Australia dollar, is considered a liquid proxy for China-related risk.
The pair last traded at C$1.3115, its highest level in 2-1/2 weeks.
Support: 6.6263 (session high), 6.6046 (previous day's low), 6.60 (psychological support).