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US Treasury secretary Timothy Geithner said it is up to China to decide how it progresses with any changes.
The country freezes its currency to the US dollar, something which has been a point of concern. Indeed, investors involved with forex trading may hope this policy ends.
Mr Geithner explained the exchange rate needs to reflect market forces to provide China with flexibility for economic growth in the current financial circumstances.
It also needs to "reinforce incentives for China's private sector to shift resources to more productive higher value added activities that will be important to future growth", he stated
President of China Hu Jintao said the government will decide itself the right time to reform the yuan exchange rate policy.
As of 15:30 BST, $1 represented 6.8 Chinese yuan.
Posted by Sara Secker
