China speeded up foreign exchange rate reform in June and the yuan has gained more than 2 percent since then.

The US will unveil a currency report on Friday and decide whether to label China a "currency manipulator".

The US Senate is also considering legislation to impose duties on Chinese imports because of what some senators consider China's unfair currency advantage.

But central bank governor Zhou Xiaochuan said recently that a fast appreciation of the yuan is not a panacea for global economic imbalances. Premier Wen Jiabao said in Europe earlier this month that nations must work together to keep exchange rates of major reserve currencies relatively stable.