The US is leading the call for yuan revaluation

Zhou Xiaochuan was responding to an article on the website of state newspaper People's Daily, which was later said to have been incorrect.

The yuan is pegged to trade in a narrow band against the US dollar, and Washington has long said that the Chinese currency is artificially low.

Beijing says it will make the yuan more flexible in time, but won't be rushed.

The markets have long speculated that China will allow the value of the yuan to increase.

America says the low value of the yuan makes Chinese exports unfairly cheap, in turn hurting US producers.