Beijing - There is no foundation for the yuan to move sharply and China can maintain a flexible exchange rate mechanism, making the currency stand at a basically reasonable and balanced level, a senior central bank official said on Friday.

Yi Gang, vice-governor of the People's Bank of China, said the pressure for yuan appreciation had eased as the value of the currency neared the equilibrium level after years of adjustments.

Yi, who is also head of the State Administration of Foreign Exchange (SAFE), said China would maintain its economic growth at above 9 percent this year. The country has overtaken Japan to become the world's second-largest economy.