The G20 group of the world's major economic powers will welcome China's decision to allow the value of the yuan to move more freely, according to a draft summit statement seen by AFP on Monday.
China's policy of keeping the yuan artificially low has enabled it to build up a huge trade surplus during its export-led rise but has angered competitors and is now seen as a dangerous imbalance in the world economy.
According to a draft version of the G20's final summit statement, leaders will "welcome the commitment by China to allow market forces to play a larger role in determining movements in the renminbi."
The leaders, who are meeting until Tuesday in the Mexican resort of Los Cabos, will hail China's decision to "continue to reform its exchange rate regime, and to increase the transparency of its exchange rate policy."
Although China has allowed the yuan to rise 13 percent against the dollar over the past two years and taken measures to increase its convertibility, the currency is still subject to close control by Beijing.
More broadly, the G20 summit will urge economies operating trade surpluses to promote domestic consumption and countries with current account deficits to encourage consumers to boost their savings accounts, the draft said.