Dollar weakens

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TOKYO: Emerging currencies reliant on trade with China rose against the dollar Tuesday on hopes Beijing will push fresh reforms following a weekend policy meeting.

The gains come as the greenback´s interest rate-fuelled rally last week petered out, with analysts saying it would not likely push any higher, while investors keep an eye on the plan for future rises by the Federal Reserve.

After a secretive four-day meeting that ended Monday, China´s economic planners said they would combat local government debt and push on with changes in the housing sector to shore up growth.

They also said they would "allow the market to play a bigger role" and "strengthen structural reforms", state news service Xinhua reported.

The announcement is the latest out of Beijing after it promised to free up the world´s number two economy and implement reforms of its bloated state-owned enterprises.  Currencies of nations with strong ties with China climbed against the dollar.  The Australian dollar rose 0.45 percent, Indonesia´s rupiah surged 1.17 percent, and the Thai baht was 0.1 percent higher. The South Korean won and Singapore dollar also advanced.