“We’re fast approaching a phase where bets will be on for another round of stimulus” in China, said Matt Simpson, senior market analyst at City Index.

Yield differentials point to a possible break of last year’s low of 7.3746 yuan per dollar, “but headlines that China’s state banks have been supporting the yuan should serve as a reminder that Beijing will decide if or when that happens,” he said.

The Australian dollar , which often acts as a proxy trade on China, dipped as much as 0.39% to $0.6463 but failed to breach Monday’s nine-month low of $0.6454.

The Aussie then bounced to last be 0.27% higher to at $0.65055, which was even more impressive considering both local wage data and the minutes of the Reserve Bank of Australia’s most recent meeting both suggested local interest rates have likely peaked.

Elsewhere, the U.S. dollar pushed to a fresh nine-month high of 145.60 yen before retreating to be down 0.09% at 145.435.

Traders are looking for any hints of intervention, after the dollar’s surge above 145 last autumn triggered the first yen buying by Japanese officials in a generation.

“We could definitely see more verbal interventions, but unless the move is driven by speculators and the yen is out of sync with other currencies, maybe there’s still some way to go before the actual intervention comes,” said Shinichiro Kadota, a currency strategist at Barclays.

“In any case, I think concerns about intervention is definitely putting a lid on the dollar-yen around these levels.”