MEMBERS of the Hongkong General Chamber of Commerce would certainly not be ''surprised'' or ''amazed'' by the recovery in the value of the yuan on China's Foreign Exchange Adjustment Centres. On June 9, the chamber sent a two-page circular to its members advising them to exercise caution in their dealings in the currency after the post-June 1 slump in value. ''Claims of a currency crisis are unfounded,'' it said. ''There may be further depreciation of the yuan to come [evidence of trading this week confirms that], but at some stage those who have sought refuge in foreign currencies could well decide the yuanis oversold.'' In a subsequent speech to Hongkong financial executives on June 30, a chamber representative warned that the yuan appeared to have stabilised at 10.5 to the US dollar and the next move could be back to eight to the dollar. It is the nature of currency markets to ''overshoot'' on some change in the factors affecting the market (eg, the effective reopening of ''swap centres'' in China on June 1) and the present recovery in the yuan is no surprise. We at the chamber continue to advise members to exercise caution in their yuan dealings. The danger now is the currency could ''overshoot'' on the upside against the dollar. IAN K. PERKIN Chief economist Hongkong General Chamber of Commerce