The Chinese central bank announced on Sunday that any changes in the value of the renminbi, or yuan, would be gradual.

The New York Times has reported that the announcement was an attempt to reassure the Chinese that a move toward more flexible currency would not cause disruption.

It wanted to "improve foreign exchange management and keep the renminbi exchange rate at a reasonable and balanced level of basic stability, and safeguard macroeconomic and financial market stability," The People's Bank of China said on Sunday.

The bank's caution, and a resolve to limit the rate at which the renminbi rises against foreign currencies, is likely to upset members of the U. S. Congress, who have been urging more rapid changes, the newspaper also said.

According to the report that impatience may surface when world leaders meet this weekend in Toronto.

It has also been reported that if China did not take specific steps to push up the renminbi "in the next few days," Sen. Charles Schumer, D-N. Y., said Saturday, he would push forward with legislation that could impose restrictions on Chinese exports. (With inputs from Agencies)