China's yuan exchange rate is at an appropriate level at present, Yi Gang, a vice governor with China's central bank, said in remarks published on a website on Monday.
The comments at an academic symposium follow the Obama administration's report earlier this month that said the yuan was substantially undervalued even though it declined to name China as a currency manipulator.
Some of China's other trading partners, including Brazil and India, are also urging Beijing to make the yuan more flexible, and finance ministers from the Group of 20 major economies are expected to keep up pressure on Beijing to lift the yuan's value when they meet on Friday and Saturday in Paris.
Yi, also the head of China's State Administration of Foreign Exchange, was quoted by the Economic Daily's website (www.ce.cn) as saying that China would gradually allow the market to set the value of the yuan, but said Beijing has no timetable to make the currency fully convertible.
The official Xinhua news agency cited Yi as saying that China's current exchange rate regime, namely a managed floating system with reference to a basket of currencies, is the best choice for China.