China's yuan hit a 16-month high on Tuesday, after stimulus measures infused broader markets with enthusiasm and boosted the euro, while the Australian dollar touched a 2024 peak after the central bank reiterated its determination to tame inflation.

China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy. People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending.

The Australian dollar rose to its highest level this year on Tuesday as the central bank reiterated its determination to tame stubborn inflation, while the yuan climbed to a 16-month peak after fresh stimulus steps from China.

Chinese stocks and bonds rallied and Asian stocks hit 2-1/2 year highs as Governor Pan Gongsheng announced plans to lower borrowing costs and inject more liquidity into the economy, as well as to ease households' mortgage repayment burden.

China's central bank on Tuesday unveiled a raft of measures to boost the country's struggling economy as it battles a prolonged property sector debt crisis, continued deflationary pressure and high

World stocks hit a record high on Tuesday after China unveiled stimulus measures to support its economy and stock markets, sending Asian and European shares higher and triggering a bounce in commodity prices.