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"A radical departure will be a mistake, and China has to be cautious of other competing considerations and then adjust it gradually," he said.
The yuan has appreciated 21 percent against the US dollar since July 2005, but has remained largely unchanged since July 2008 as the country tried every means to combat the fallout of the global financial crisis.
The US government has decided to delay the release of a report on whether China manipulates its currency, a move that is seen as a signal of easing tension between the two sides.
It's the right decision to postpone the report, which gives China time to adjust its policy, Snow said. "It's wrong to name China as a manipulator," he said.
Premier Wen Jiabao said in March that the yuan is not undervalued, but senior officials have also said that the yuan has not risen against the dollar since the worsening of the global financial crisis in 2008 doesn't mean it won't change any more.
Snow also stressed that China will not face a decade-long stagnation like Japan had after the latter raised its currency dramatically in the 1980s under the pressure from the US and Europe.
He said China could sustain a growth rate ranging from 7 to 9 percent for a long period, given its vast amount of labor and natural resources and the growing strength of the private sector.