Finance ministers and central bank governors of the Group of Seven countries said Thursday they welcome China's revaluation of its currency, a development they see as positive for the global economy.

''We welcome the decision by the Chinese authorities to move to a more flexible exchange rate regime,'' the ministers and the central bank governors said in a statement.

''This more flexible exchange rate regime will contribute towards global growth and stability,'' they said.

The People's Bank of China announced Thursday that the yuan has been allowed to float against a basket of foreign currencies instead of being pegged to the U.S. dollar only, resulting in a virtual revaluation by 2 percent in the value of the yuan, also known as renminbi.

Source: Agencies