Peso gets boost from China's monetary move

The peso appreciated against the dollar on Tuesday, helped by the People's Bank of China's (PBOC) move to cut the reserve requirement.

The local currency closed at P47.350:$1 or 19.5 centavos stronger than Monday's 47.545.

"The peso simply tracked the regional currencies, with the PBOC move helping ease concerns about slowing growth in the world's second largest economy," Nicholas Antonio T. Mapa, research officer at Bank of the Philippine Islands (BPI), said in an emailed commentary.

The PBOC move boosted risk appetite which helped emerging market currencies, including the peso, Mapa noted.

"Foreign players also helped boost both the peso and the stock market," he noted.

"The peso strengthened given the P502-million net foreign buying seen in the equities market," BPI Asset Management said in a separate market recap. – Jon Viktor Cabuenas/VDS, GMA News