China says has been pressing on with yuan reform

The Chinese government has been pressing ahead with reforms to the country's currency regime, vice foreign minister Cui Tiankai said on Wednesday.

Cui told a media briefing ahead of the annual Strategic and Economic Dialogue between China and the United States that the yuan exchange rate has been increasingly decided by market forces, repeating a phrase used repeatedly recently by government leaders and top central bank officials.

China earlier this month widened the daily trading band in which the yuan can trade in the onshore market, a move broadly welcomed by Washington and other critics of Beijing's closely managed currency regime which they say gives unfair advantage to Chinese exporters.