Appreciation must proceed 'gradually'

Drastic change in yuan value will damage global economy: Analysts

SHANGHAI - China's exchange rate reform will be a "gradual" process, said Yi Gang, vice-governor of the central bank, on Monday, while pressure for faster yuan appreciation remains despite the delayed release of the US government's currency report.

"Hopefully the renminbi exchange rate will be fairly stable at a close to equilibrium market-determined range," Yi said at a press conference following a meeting of International Monetary Fund (IMF) officials and central bankers in Shanghai.