ISTANBUL, Oct. 3 (Xinhua) -- Finance leaders of the Group of Seven (G7) richest economies warned Saturday of disorderly movements in exchange rates and welcomed China's commitment to make the exchange rate of its currency more flexible.

G-7 Finance Ministers and their central bank governors hold a meeting at the Istanbul Congress Center October 3, 2009. (L-R, front row) International Monetary Fund's Managing Director Dominique Strauss-Kahn, EU Commissioner Joaquin Almunia, U.S. Teasury Secretary Timothy Geithner, Italy's Finance Minister Giulio Tremonti, Japan's Finance Minister Hirohisa Fujii, German Deputy Finance Minister Joerg Asmussen, British Chancellor of the Exchequer Alistair Darling, Russian Finance Minister Alexey Kudrin and World Bank President Robert Zoellick. (L-R, top row) Eurogroup Chairman Jean-Claude Junker, European Central Bank President Jean-Claude, U.S. Federal Reserve Ben Bernanke, Bank of Canada Governor Mark Carney, Bank of France Governor Christian Noyer, Bank of Italy Governor Mario Draghi, Bank of Japan Governor Masaaki Shirakawa, German Bundesbank President Axel Weber, Russian Central Bank Governor Sergey Ignatiev, Bank of England Governor Mervyn King and Egypt's Finance Minister Youssef Boutros-Ghali.(Xinhua/Reuters Photo) Photo Gallery>>>

    "Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability," according to a statement by the G7 finance ministers and central bankers released here.

    The officials noted in the statement that they welcome China's continued commitment to move to a more flexible exchange rate, saying that "should lead to continued appreciation of the Renminbi in effective terms and help promote more balanced growth in China and in the world economy."

G7 Finance Ministers and Bank Governors hold their G7 meeting at the Istanbul Congress Center October 3, 2009. (Xinhua/Reuters Photo) Photo Gallery>>>

    The G7 reaffirmed their shared interest in a strong and stable international financial system and pledged to continue to monitor exchange markets closely and cooperate as appropriate, according to the statement.

    Meanwhile, the officials vowed to keep in place their support measures until recovery is assured and at the same time design exit strategies for future implementation.

    "There is no room for complacency since the prospects for growth remain fragile and labor market conditions are not yet improving," said the statement.

    It also stated that the G7 will work together with other members of the Group of 20 (G20) richest and fastest-growing economies in strengthening financial systems, completing regulatory reform agenda and laying foundation for strong, sustained and balanced growth.

    The G7 finance leaders are in Istanbul for the International Monetary Fund and World Bank annual meetings scheduled for Oct. 6-7.