The US won't fire its label gun

Yuan's peg to the dollar helps the US currency from freefalling and a gradual appreciation could be a long-term option

China still feels the pressure to revaluate the yuan although the United States has postponed the April 15 deadline for the Treasury Department to submit an annual report to the Congress.

Congressmen and women have signed up a letter calling for the department to label China a currency manipulator. Nobel Prize laureate Paul Krugman has written in two of his New York Times columns that the US government must take the case to the World Trade Organization and, if China does not succumb, to wage a trade war with it. Other critics are advocating other countries to join the US in putting the heat on China.