Brazilian Central Bank President Henrique Meirelles on Thursday hailed the revaluation of Chinese yuan, saying the move is "positive" for China's economy.

"China starts moving in the direction of a greater revaluation of markets," said Meirelles.

The move is positive for the Chinese economy for it will allow a lower rigidity in the management of China's exchange policy, the Brazilian Central Bank president said.

He regarded the revaluation of the Chinese yuan as "the first step towards a more extensive currency-exchange reform."

"There are no doubts that the Chinese market is open," said Meirelles.

The People's Bank of China announced on Thursday that it will let the yuan fluctuate against a basket of currencies instead of the US dollar. The yuan will appreciate by some 2 percent from 8.28 to 8.11 per dollar.

Source: Xinhua