Caterpillar Inc. , the U.S. machinery giant that sells billions of dollars of earth-moving equipment and other products to China each year, said on Saturday it was heartened by China’s move to gradually make the yuan more flexible, saying it would help lift U.S. exports.

“Caterpillar is encouraged by this development,” said Rich Lavin, a group president with the company who is responsible for emerging markets, “and we believe over time that a stronger Chinese currency will promote more exports from the U.S. to China.” Get the full story »