The New Zealand and Australian currencies, which have shed 4.4 percent against the greenback so far this year, stabilised as risk sentiment improved after reports China had stepped in to bolster the yuan.
The kiwi advanced to 65.40 US cents at 8am in Wellington, from 65.29 cents at 5pm yesterday, while the Aussie held at 69.74 US cents from 69.72 cents. The trade-weighted index gained to 72.08 from 71.94 yesterday.
The currencies of commodity producing countries such as New Zealand and Australia, which count China as their largest export market, have sunk this year amid concerns about weakness in Asia's largest economy. Sentiment was bolstered overnight on reports the People's Bank of China had intervened in the currency.
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