Germany welcomed on Thursday the revaluation of Chinese yuan, saying that the German economy will profit from the move.

The People's Bank of China announced earlier in the day that it is repegging the yuan against a basket of currencies and revaluing the yuan's rate against the US dollar to 8.11 yuan per dollar from 8.2765 previously.

"Germany welcomes the move," German Finance Minister Hans Eichel said in a statement.

The move could help China achieve more balanced growth as the higher yuan exchange rates increase domestic purchasing power and stimulate imports, he said.

"The German economy could also profit from this," he added.

The willingness of the Chinese central bank to undertake further adjustments if economic and financial developments make this necessary is also positive, the minister said.

Source: Xinhua