Yuan reform helping to balance U.S.-China trade: Xi

China's Vice President Xi Jinping offers a toast during luncheon at the State Department in Washington February 14, 2012.

WASHINGTON (Reuters) - Steps taken by China to revalue its currency have helped cut its overall trade surplus and have boosted U.S. exports to China, Chinese Vice President Xi Jinping said on Wednesday.

"China has become the United States' fastest growing export market," Xi said in a speech to U.S. business groups.

China's "trade surplus as a proportion of GDP has been falling from over seven percent to two percent, at a level internationally recognized as reasonable," he said.

(Reporting By Chris Buckley and Doug Palmer; Editing by Sandra Maler)