RMB, or yuan, has been pegged to the dollar at the rate of 8.28 since June 1995.

BEIJING, May 11 -- China is technically ready for currency reform but wants to be allowed to choose for itself when to loosen the peg between the yuan and the US dollar.

    That's according to deputy central bank governor Wu Xiaoling in comments made during an interview with a Japanese newspaper.

    The newspaper suggested Wu's comments could mean the Chinese central bank has already considered possible ways in which it could expand the yuan's narrow exchange rate band against the dollar.

    Wu criticized the United States for pressuring China on the currency issue, in particular by trying to pass a bill that would impose tariffs on Chinese imports unless the currency reforms were carried out.

    Wu said any increased pressure from Washington would only make the reforms more difficult.

(Source: CCTV.com)