Chinese president Xi Jinping said during a speech at the G20 summit in St. Petersburg, Russia that steps would be taken to ease restrictions on the currency of the Yuan, according to the Hong Kong based newspaper Wen Wei Po.
Xi said that the Chinese government would implement reforms that would make the currency rate and interest rate of the yuan more flexible and market-oriented.
The PRC government has long been criticized by Western countries for artificially holding down the currency rate of the yuan despite the nation's rise as one of the world's top exporters in the past decade.
The undervalued yuan has increased the competitiveness of Chinese exports in other countries against higher priced products manufactured locally as the country builds up a trade surplus of US$18.8 billion as of this past July.
Xi said that the PRC government's long-term goal was to allow the yuan currency to be freely traded.
The PRC president also called for the end of protectionism and the adherence of multi-lateral free trade agreements for countries around the world.