China does not plan to revalue its currency when the country begins trading eight new foreign currency pairs next week, central bank governor Zhou Xiaochuan said Friday. Next week's expansion of China's onshore foreign exchange market will not involve the yuan. But the pending change has fired speculation that Beijing might take the opportunity to adjust its value, which has been set at about 8.28 per U.S. dollar since 1994. Zhou said reports saying the yuan would be revalued next week were inaccurate. On Wednesday, eight new foreign currency pairs will begin trading at the China Foreign Exchange Trade Center, the nation's central foreign exchange brokerage. The foreign currencies to be paired with each other are the U.S. dollar against the euro, the Australian dollar, the British pound, the Japanese yen, the Canadian dollar, the Swiss franc and the Hong Kong dollar. The change is an expansion from the four pairs already traded, but with the yuan: the U.S. dollar, the Hong Kong dollar, Japanese yen and euro. China is gradually loosening its tight controls over foreign exchange dealings but central bank officials say Beijing will not bow to foreign pressure to end the yuan's peg to the U.S. dollar. The United States and other trading partners complain that the yuan is undervalued by as much as 40 percent, giving Chinese exporters an unfair advantage over their competitors.