Appreciation must proceed 'gradually'

                        Appreciation must proceed 'gradually'
SHANGHAI - China's exchange rate(汇率) reform [riˈfɔ:m](改革) will be a "gradual"(渐进的) process, said Yi Gang, vice-governor(副行长) of the central bank(中央银行), on Monday, while pressure [ˈpreʃə](压力) for faster yuan appreciation [əˌpri:ʃi:ˈeɪʃən](升值) remains despite the delayed release of the US government's currency report(货币分析报告).
"Hopefully the renminbi exchange rate will be fairly stable(相对稳定) at a close to equilibrium(平衡) market-determined range,"(市场选择范围) Yi said at a press conference(记者招待会) following a meeting of International Monetary Fund (IMF)(国际货币基金组织) officials and central bankers in Shanghai.
He also said a more flexible [ˈfleksəbl](具备弹性的) yuan will help reduce inflationary pressure(通胀压力).
Tensions(紧张气氛) over the yuan have been escalating(上升) recently with the United States taking the lead in demanding faster appreciation(要求更快的升值).
On Friday, the US Treasury(美国财政部) delayed the release of a report(报告的发放) on whether China and other nations "manipulate"(操纵) their currencies to benefit their trade with the US.
Analysts said the delay does not signal a softer US stance(立场) on the yuan. "The delay does not mean the US has given up on the issue, and probably it expects to further press China during the coming G20 Seoul meeting," said Chen Baosen, senior expert on China-US trade and economic studies at the Chinese Academy of Social Sciences(中国社科院).
The US may want to leave some room [ru:m](空间)to coax(劝诱) China into allowing faster yuan appreciation, he said. "But the yuan's value is a sovereign [ˈsɔvrin](自主决定的) issue for China, which should decide on the pace of reform(改革步伐) on its own."
The US is aiming at the wrong target(错误的目标) by blaming the yuan for its economic woes(经济灾难), analysts said.
"I don't think the issue has anything to do with the US deficit [ˈdefisit](赤字)with China, and the reason (for the deficit) is that the US consumes(消费) a lot but saves little. Undoubtedly(毫无疑问的是), China is a scapegoat(替罪羔羊)," Daniel J. Ikenson, associate director(副校长) of the Center for Trade Policy Studies at the Cato Institute, said.
Drastic(急剧) yuan appreciation would damage the Chinese economy, and consequently(从而) the global economy, said Huo Jianguo, director of the Chinese Academy of International Trade and Economic Cooperation at the Ministry of Commerce(商务部)

.Yi Gang confirmed China will continue to expand domestic demand(国内需求) to help the global economy. "We will emphasize [ˈemfəsaiz](着重) domestic demand."