I am not looking to start an argument, but in my opinion exchanging water at levels under 20% really doesn't qualify as a water change. Perhaps the number is acceptable for someone with a very small pond, but even then I would still go for a 20% change. The idea is to not just provide a small dilution of existing water, but to take a reasonable chunk out so that you truly impact the quality for the better.
Koi and goldfish are big poopers, most folks are over stocked and over feed, and lots of folks typically don't have terrific maintenance regimens. Heck, there are a good number of pond folks that don't even know they should be doing water changes at all! Let's just issue a caveat that unless a pond keeper is as meticulous about pond care as koiguy is (and we know he is fanatical), then the suggested rule of thumb is a minimum of 20% each week.
I can assure you that in the south and areas that are hot, larger water changes during the summer months of even 25%+ are needed to replenish oxygen levels and minerals, remove toxins and crap from water, reduce levels of parasites and bad bacteria, minimize the impact of hot water temps, etc. Significant water changes also aid in fish growth, and many pro breeders will even do multiple water changes of 2 or 3 times in a single week to grow robust fish.
If you're going to go through the effort of a water change, why not just go for the extra 5 or 10% of water? If it's simply being done to avoid the cost of using dechlor (which I still think is a risk unless you are very certain about your municipal water content), then I don't think it's worth it. I understand that dechlor is not cheap, and that even the cost of water in many parts of the nation is not inexpensive. But that's the cost of doing business when owning a pond. And the potential chance of losing a fish due to iffy water quality (particular during the heavy summer months) is just not worth skimping on a few extra gallons of water and dechlor.
It's just my humble opinion, and everyone has a right to do what they want with their pond. Maintenance is critical to the survival of these fish that we have in captured bodies of water. My message is simply to do more, not less. If you notice your fish are not as vibrant and healthy as you'd like--the first thing you should be doing is a water change--of at least 20%.