The Chinese yuan climbed to week highs against the world's reserve currency on Tuesday after the central bank of the Asian nation raised the daily reference rate for a second-straight day, according to Bloomberg.
Speculation mounted that China is poised to implement additional measures to foment economic growth and development in the midst of the slowdown. The People's Bank of China boosted the reference rate by 0.04 percent. Thus far this year, the yuan has lost roughly 2.1 percent against the greenback and the release of weaker manufacturing data on Monday did not help.
"The data was pretty bad. It looks almost certain that the first quarter growth is likely to fall short of the government's growth target of 7.5 percent," president Naoki Tashiro with T.S. China Research told Reuters on Tuesday. "So the government is likely to take some measures, as it has done a few times in the past year, to support the economy."
The renminbi pushed ahead about 0.14 percent against the U.S. dollar on Tuesday.
Chinese policy steps to confront the slowdown are likely to be moderate, some analysts told Reuters.
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