China’s yuan has stayed steady through a week that saw authorities roll out massive stimulus and stock markets clock historic gains, its gains thwarted by state bank selling and speculation that the government does not want it to rise.

China's yuan hit a 16-month high against the U.S. dollar on Tuesday, after the central bank of the world's second-largest economy revealed new stimulus measures, while the greenback extended declines after soft data on the consumer.

Emerging markets' stocks climbed to their highest since April 2022 on Tuesday after China introduced new measures to boost its sluggish economy.