While Washington argues the level of the yuan's trading band is too low, making Chinese exports unfairly cheap, Beijing has resisted both diplomatic and speculative pressure for a one-off yuan revaluation.

Chinese officials have pledged to push gradual reforms to make the exchange rate more responsive to market forces.

An official for the People's Daily, which is the mouthpiece of the ruling Communist Party, said the report was a translation of a May 7 news agency article.

The People's Daily had not cited a source for the information, a common style in official Chinese media.

"The appreciation of the people's currency as wished for by the international financial market will be announced to revaluate or expand the margins of its exchange rate," the paper said.

The newspaper had said the announcement would come after a meeting next week between the "U.S. financial minister" and an official from the Chinese central bank.

The news agency report had attributed the prospects of a yuan appreciation to market expectations.

It said estimates were for a yuan revaluation of 1.26 percent in one month and 6.03 percent in one year.

(Source: Reuters/Photo: AFP)

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