It's not explicitly documented; number_format also rounds:
<?php
$numbers = array(0.001, 0.002, 0.003, 0.004, 0.005, 0.006, 0.007, 0.008, 0.009);
foreach ($numbers as $number)
print $number."->".number_format($number, 2, '.', ',')."<br>";
?>
0.001->0.00
0.002->0.00
0.003->0.00
0.004->0.00
0.005->0.01
0.006->0.01
0.007->0.01
0.008->0.01
0.009->0.01