French Finance Minister Thierry Breton said on Thursday that he is "delighted" by China's decision to revalue its currency and welcomed the move as "positive" for China's economy and the euro zone.

"It's a positive adjustment for the Chinese economy but also for the euro zone," Breton said in a statement.

"This development, which responds to the wishes of the countries of the G7, is liable to strengthen the financial stability of the world economy," the statement said.

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.

Source: Xinhua