China's central bank announced late Saturday it would allow its currency to float on the open market, a move widely applauded by Western leaders.
President Barack Obama welcomed Saturday's news that China's central bank will allow its national currency to float ahead of the G-20 summit in Toronto, Canada, next week.
In a statement issued Saturday, Obama praised China's decision to increase the flexibility of its exchange rate, which officials hope will help balance China's trade deficit with the United States and Europe.