Yuan fall 'dictated by market'

Zhu said the US welcomed China's decision in March to expand the exchange rate trading band.

"What the US is paying attention to now is that, according to the thinking of the US, the renminbi is going down in a one-way direction," he said. "China believes that both rises and falls are the reflection of the market, and it is firm on its determination to reform the renminbi interest rate. It is clear on the direction of that reform."

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Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics, a private, nonprofit and nonpartisan think tank in Washington DC, said he believed there had been no fundamental change in China's exchange rate policies.

Zhu said China and the US would discuss the issue at the sixth Strategic and Economic Dialogue between the two largest economies in the world in July.

China also voiced concerns during Li's meeting with Lew over the US decision to gradually wind down quantitative easing, and its impact on China, Zhu said.

Quantitative easing is an unconventional monetary policy used by central banks to stimulate economies when standard monetary policy has become ineffective.

Zhu said, "Although the US economy missed its expansion target in January, China is glad to see that it has regained momentum in the second quarter. Such recovering momentum is important for both the US and China."

In terms of the Chinese economy, Zhu stressed the government's reluctance to introduce major stimulus measures to smooth short-term growth fluctuations, as the country's basic economic situation had not changed.