"I think that China remains committed to greater flexibility in their currency and opening of their financial markets," Snow said in an interview with CNBC. "It's an irreversible course and we think they're now in a position to move even faster."

"We're urging them to move faster" toward greater currency flexibility, Snow added. "I think they know it's in their own interest to continue on this path and even accelerate it."

US manufacturers and many lawmakers have long complained an undervalued yuan currency was giving China an unfair trade advantage in global markets.