Spokesman for the Chinese Ministry of Commerce said on Tuesday that people should not hype the recent downward movement in the value of the Renminbi, or the yuan, against the U.S. dollar.

In response to a question about whether the yuan's recent depreciation is a result of government intervention, Shen Danyang said, "We should look at this with a more rational attitude rather than reading too much into it."

The yuan's value came under the spotlight as its exchange rate against the U.S. dollar declined 0.4 percent in the first two months this year, a period in which the country also saw a shrinking trade surplus.

"People should put the yuan's recent depreciation in the wider context of China's reform of its currency's exchange rate formation mechanism," Shen added at a press conference held in the ministry.