The Chinese currency weakened on Wednesday after the nation’s central bank governor said the yuan exchange rate stands at “reasonable level” during the annual strategic dialogue between the US and China in Washington. The onshore yuan lost 0.04 per cent to 6.2091 after the People’s Bank of China set the mid point price at 6.1142, its weakest level in a week. The offshore note lost 0.04 per cent to 6.2028. Earlier in the morning, the onshore note climbed to a three-week high. The renminbi is one of the key topics during the seventh US-China strategic and economic talks, which include three days of cabinet-level meetings between Monday and Wednesday. US and Chinese officials on Tuesday discussed Beijing’s bid to have the yuan included in the International Monetary Fund’s basket of currencies, a senior Treasury official told Reuters. The IMF is currently reviewing whether the yuan is both widely used internationally and freely usable, criteria for its inclusion in the Special Drawing Rights basket. "It was discussed and I think China and the US both recognise the importance of the IMF’s technical evaluation," the official said following a day of bilateral meetings in Washington. Zhou Xiaochuan, chief of China’s central bank, told reporters in Washington that the yuan is trading at a fairly reasonable level. The IMF has sent a team to Beijing to conduct a technical assessment of the yuan’s eligibility to join the SDR basket. The review by the IMF will be concluded later this year. The Hong Kong dollar was unchanged at 7.7526.