“Adding pressure will not resolve trade issues between China and the US the country’s exchange rate reform will only be pushed forward in accordance with economic conditions and balance of international payments,” Foreign Ministry spokeswoman Jiang Yu said at a media briefing.

Jiang’s remarks came in response to earlier comments by US Treasury Secretary Timothy Geithner, who expressed dissatisfaction with the pace of the yuan’s appreciation in testimony prepared for congressional hearings on China’s currency policy.

The yuan was traded at 6.7181 against the greenback on Thursday, its highest level since June 19, when the central bank announced that it would deepen reform of the mechanism governing the yuan exchange rate to improve its flexibility.

The Chinese currency has gained 1.6 percent against the US dollar since that date. But the US still thinks it is not enough.

“We are concerned that the pace of appreciation has been too slow and the extent of appreciation too limited,” Geithner said in remarks to the US Senate Banking Committee on Thursday.

http://www.chinadaily.com.cn/china/2010-09/17/content_11314565.htm