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China has revalued its currency, the yuan, for the first time in a decade - a move welcomed by the US, a long-time critic of its exchange-rate policy. The reform is being seen as the first step towards the liberalisation of China's tightly controlled currency.
The yuan will no longer be pegged to the dollar, but will float against a basket of currencies.
It will also appreciate against the dollar, mollifying critics who say a cheap yuan has helped Chinese exports.
"I welcome China's announcement today that it is adopting a more flexible exchange rate regime," said US Treasury Secretary John Snow in a statement.
"As we have said, reform of China's currency regime is important for China and the international financial system."