State-owned CBI said there will be no one-off appreciation or any accelerated strengthening of the currency, no matter what trade penalties the US imposes on the country.
It said the risk to industry and employment of letting the yuan trade more freely are too great.
Dr Qun Liao, Senior Vice President and Chief Economist at Citic Bank International, said: "There are so many workers employed in export companies and those workers may (not) be as educated. If (they) lose jobs, it will be difficult for them to get new jobs, so there might be massive unemployment in China."
Legislation being considered in the US Senate to punish China for keeping the yuan undervalued has caused outrage among Chinese authorities. It said the US risks triggering a trade war.
-CNA/ac
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