The Organisation for Economic Cooperation and Development (OECD) Deputy Secretary-General Rintaro Tamaki said at a news conference in Tokyo on Monday that it is too early to say that the yuan devaluation was an attempt to boost exports.

"It's premature to think that action, taken to let the yuan move more in line with the market, was aimed at bringing China back to being an export-driven economy," he said.

Tamaki noted that it is important to monitor whether China can implement reforms to achieve stable and sustainable economic growth.