The yuan had risen only 0.4 percent since early February, translating into an annual pace of about 2.5 percent, compared with 3.4 percent last year.
The money market was relatively calm, with bill and short-term bond yields rising only 2 or 3 basis points, while longer-end bonds were steady, traders said.
Chinese share prices rose 0.13 percent for another record finish yesterday, despite a further hike in bank reserve requirements.
The Shanghai Composite Index added 4.45 points at 3,323.59. Turnover was 121.98 billion yuan (US$15.8 billion).
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