Yi's statements did not make reference to market speculation about suspected intervention.
But traders think the respite in the currency may only be temporary, and remain very bearish amid the trade tensions and waning Chinese growth momentum.
The yuan weakened to its lowest level against the dollar this year, with the onshore spot trading price falling to 6.7167 in the morning before rebounding to 6.6492 by 5 pm. Then spilt lower after Saudi Arabia said it's prepared to use its spare production capacity, estimated at 2million barrels per day, to balance the global oil market and all but confirming President Trump's weekend tweets that he asked Saudi Arabia to increase oil production.
China's central bank moved to soothe markets on Tuesday after the yuan dropped through the psychologically key 6.7 to the dollar mark, hitting its lowest in 11 months as anxieties over US trade frictions deepened.
US markets are set to close early for the Fourth of July holiday.
The Asia Pacific MSCI index ex-Japan tumbled as much as 1.4 percent to its lowest since September 29, before cutting some of the losses to be down 0.5 percent. -China trade war is heading and the extent to which Europe will become embroiled.
Chinese currency and equity markets have been on edge ahead of July 6, when USA tariffs on $34 billion worth of Chinese goods kick in. Analysts expect China to reciprocate, marking the official start of a trade war.
North Korea denounces U.S. over human rights criticism
North Korea maintains that the issue of abductions of Japanese nationals has been "settled", but Tokyo does not accept this. The State Department denied the view, saying its policy remains unchanged.
Elsewhere in currency markets, the euro, which had been pressured by political uncertainty in Germany, pared losses after Chancellor Angela Merkel's conservatives settled a row over migration that threatened to topple her governing coalition after interior minister Horst Seehofer dropped his threat to quit.
The dollar was steady at 110.895 yen after edging up 0.2 percent the previous day, supported by robust US economic data, higher Treasury yields and a bounce in shares on Wall Street.
The dollar was down 0.2 percent to the yen at 111.35 while the euro traded up 0.1 percent at $1.1665 against the euro.
"The big driver behind USA resilience is that tech has been strong", said Rory McPherson, head of investment strategy at asset manager Psigma. They point to the chaos caused in Chinese and global markets by sharp falls in the currency in 2015 and early 2016. -China trade tensions may pose a risk.
Dollar trading is also expected to be range-bound as investors await the publication on Thursday of minutes from the Federal Reserve's June meeting, and Friday's U.S.jobs data.
The Australian dollar, which is considered a liquid proxy for China-related risk, took heart from solid domestic retail sales data and edged up to $0.7404, moving away from an 18-month trough around $0.7311.
Oil prices bounced back in early Asian trade on Tuesday, with Brent crude rising 0.41 percent to $77.30 per barrel and West Texas Intermediate (WTI) crude was up 0.32 percent to $73.94 a barrel.