Chinese Vice Premier Wu Yi said on Monday that China remains committed to reforming its currency but no timetable has been set for when the reform will take place.

"We will not reform the yuan until the time is right even if there is external pressure," Wu told a conference in Tokyo, speaking through an interpreter. "As for when to reform the yuan, there is no timetable yet," she said when asked about Beijing's stance on widely awaited reforms in the yuan.

Wu, said that given China's economic development, Beijing is fully committed to reforming its exchange rate regime regardless of external pressure.

But she stressed that every country has the right to choose it own exchange rate regime as well as appropriate currency levels in line with its national interests.

"We are now preparing for the reform of the yuan's exchange rate system. For such reforms to take place, we need good economic conditions ... and we need to do it under tight control," she added.

Wu said Beijing has been reforming state-owned banks, for instance, to make it easier for authorities to reform the yuan, as well as strengthening the banking sector by injecting capital.

"Also, we need to realize risks involved in reforms of the foreign exchange rate regime."

Source:China Daily