The Australian and New Zealand dollars scaled multi-month peaks on Wednesday while the yuan hit its strongest level in more than a year, as China's aggressive stimulus package provided the latest shot in the arm for risk appetite.

SYDNEY: The Australian dollar was enjoying the view near 19-month peaks on Wednesday after inflation data slowed much as expected and failed to move the dial on rate cuts, while its New Zealand counterpart touched the highest for the year so far.

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.

The euro rose slightly against the dollar on Wednesday while the yuan hit its strongest level in over a year, as China's aggressive stimulus package provided the latest shot in the arm for risk appetite.