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BENGALURU: Equities in emerging Asian markets rose modestly on Tuesday after China announced broad stimulus measures to boost its economy, while the ringgit climbed to a near three-year high.

The ringgit rose 0.8%, its highest since late December 2021. The currency, the best performer in the region since the start of 2024 owing to strong foreign investor inflows and political stability, is eyeing its best year since 2017.

Chinese equities rallied, while the yuan jumped to its highest level since May 2023 after China unveiled plans to lower borrowing costs and inject more funds into the economy.

“The currencies which are more linked economically together with China will certainly benefit... that’s sort of in the broader context of why the ringgit has done well today,” said Michael Wan, senior currency analyst at MUFG.

Other emerging currencies were mostly range-bound except the Philippine peso, which slipped around 0.4%.

Emerging Asian equities chalked up modest gains, with stocks in Manila rising as much as 0.8% to a 2-1/2-year-high on the back of the banking and real estate sectors, which rose 0.8% and 1%, respectively.

Philippine’s finance secretary said the monetary authority could slash rates to even match the size of the US Federal Reserve’s reductions.

Singapore’s Straits Times index traded 0.2% higher after scaling a fresh 17-year high earlier in the session.

The MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest since early April 2022.

The start of the Fed’s easing cycle has benefited risk-sensitive emerging market assets over the past few weeks.

However, uncertainties over the coming quarter, particularly from the US election on Nov. 5, have traders on edge over the impact on emerging market assets.

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