This.
I do 20% per week.
You are probably looking for some rationale for these answers to base your procedure on. The goals are to a) export nutrients and replenish trace elements and b) promote stability in the tank. From (b) it follows that higher frequency is better with some people even pursuing the nirvana of continuous water changes just because of this. Most people don't exceed one change per week. The first goal (a) determines how much water to change, and that depends on your tank size, bio load, and what other means you have in place for nutrient export. There is no nirvana optimum here as the extreme of a complete water change (assuming sterile artificial salt water is used) is not good either, although if you have access to real seawater that changes things. So you have to find out what works for you.
There are lots of other factors including some barely-hidden goals which might include things like minimizing workload for tank, or trying to prove how good your husbandry practices are by showing that your tank can go for "impressively" long periods between changes (with the presumption that water changes are a simple crutch for people who don't know how to care for their tank - a fallacy in my opinion). But neither of these are in the best interest of the tank.
Water changes of less than about 50% are a poor way to either reduce or increase anything (nutrient removal or trace element replacement). And since most people (nano reefs aside) find this difficult, it's far easier to find another method of nutrient removal and/or trace element replenishment. So there's A.
As for B, if one wanted to promote stability, why would one consistently introduce change into the system? I suppose a 10% water change doesn't have a huge effect on water chemistry just by virtue of its size, but it is certainly enough to mess with my skimmer and often my corals close up for a while shortly after. So if I wanted complete stability, I would do it a different way...
The exception to this is a continuous water change system. Changing out 1-2% per day by way of an automated pump system definitely promotes stability because the amounts are so tiny. As well, you could end up changing between 40-80% or so of your total water volume every month (once you consider that you're also removing a little of the new water you just changed, so you lose a bit of efficiency this way). However, this can be cost prohibitive for large tanks, depending on the cost of salt. Still, I might go this way one day.
I think the true reason to do standard water changes is mostly to prevent the buildup of things we can't test for or otherwise remove, such as heavy metals, toxins, etc. However, again, without large volumes, the effectiveness is limited. Running carbon or other chemical adsorbants can help to remove some of these, but not all, so certainly changing some water is better than none. But to promote stability in my aquarium, I change only 5% every two weeks. I could probably do 5% per week but I'm trying to minimize maintenance and spend more time with family.
So, short answer: on a medium-large size tank, 5% every two weeks is probably the minimum you want to shoot for. You should probably also run carbon, and have figured out some other method of nutrient removal (I use a strong skimmer and dose vinegar). Dosing trace elements is definitely optional. On a smaller tank, if you can, try for 50% every two weeks. This might be enough to remove and replenish everything, depending on bioload.