SHANGHAI/BEIJING: China’s yuan has stayed steady through a week that saw authorities roll out massive stimulus

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.

The dollar was under pressure after the Chinese yuan rose to a 16-month high against the dollar after the government boosted stimulus measures. Also, Thursday’s rally in stocks curbed liquidity demand for the dollar.

China is considering injecting up to 1 trillion yuan ($142.39 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, Bloomberg News reported on Wednesday.

China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter.

China is on the verge of injecting nearly $142.4B (1 trillion yuan) to increase its biggest state bank’s capacity to support its nose-diving economy and slow markets. Sources confirmed that Beijing planned to issue new sovereign bonds to fund the largest Chinese government bailout since the 2008 global financial crisis.