China said it reached an understanding with the United States on the demand for appreciation of its currency, the yuan. It said as per understanding reached between the two countries, China would will independently decide on the specific steps of its exchange rate reforms, based on its own interests, taking into account world economic conditions and China's own development trends.China Assistant Finance Minister Zhu Guangyao made the comments after conclusion of the two-day strategic and economic dialogue between the two countries in Beijing yesterday. US Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner took part in the dialogues.In his closing remarks, Geithner welcomed a pledge by China's top leaders to pursue currency reform to boost domestic consumption and helping rebalance global growth.