China experts, however, said Beijing is unlikely to greatly alter its exchange rate policy based on the spectacular export growth last month.

"I don't think the export figure alone will force the Chinese government to accelerate the appreciation of the yuan," said Lian Ping, chief economist of Bank of Communications. He said high export growth cannot continue in months ahead as the impact of the European crisis on the Chinese economy is set to magnify.

Yao reiterated that a rising yuan cannot solve the trade imbalance between China and the United States.

He also said that the recent wave of wage rise demands in South China is not likely to affect the country's foreign direct investment (FDI) inflows.

According to figures from the commerce ministry released on Saturday, actually utilized FDI rose 27.48 percent to $8.13 billion in May, the 10th consecutive monthly rise.

Many experts have expressed concerns that wage rises will force overseas-invested firms to move to neighboring countries such as India and Vietnam, where wage bills are lower.

"The cost of labor is no longer what foreign firms care most," Yao said.

He said China's increasing domestic demand, industrial capacity and highly skilled workers will continue to attract foreign investment.

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