Central bankers support China's move on yuan rate

The Group of Seven leading industrial nations on Thursday praised China's decision to revalue its yuan currency and said it would help the global economy.

"We welcome the decision by the Chinese authorities to move to a more flexible exchange rate regime," said the statement by G7 finance ministers and central bank governors, issued by the British, who currently hold the rotating G7 presidency.

"This more flexible exchange rate regime will contribute toward global economic growth and stability,