China will take its time in preparing to loosen controls on its currency, central bank governor Zhou Xiaochuan said Tuesday, dismissing speculation that a revaluation of the yuan could come soon. "We are taking time to do the preparation work. We will not come out with any measures hastily," Zhou said during a conference in Beijing organized by the U.S. business magazine, Fortune. "Our measures will only come out after we have done a good feasibility study." Chinese officials have been seeking to douse speculation that a revaluation could come as soon as Wednesday, when the country will expand foreign exchange dealings in a reform that does not include the yuan. On Monday, Premier Wen Jiabao told visiting U.S. business leaders that Beijing would not bend to foreign pressure to raise the value of its currency, which is kept in a narrow band around 8.28 yuan per U.S. dollar. Changes in the exchange rate were a matter of "China's sovereignty," Wen said. The United States and other trading partners have urged Beijing to let the yuan trade more freely or at least to raise its official exchange rate. They say the yuan is undervalued by up to 40 percent, giving Chinese exporters an unfair price advantage. Chinese leaders say they plan eventually to relax controls, but they insist that doing so immediately would disrupt the economy and hurt fragile Chinese banks. Twice last week, Chinese officials denied news reports of plans to raise the yuan's exchange rate, possibly by widening the narrow band in which it is allowed to trade. Discounts on non-deliverable forwards, a measure of future expectations for the yuan that does not affect its actual value, narrowed Tuesday as speculation over a revaluation abated.