The euro experienced a two-week low on Tuesday due to a deteriorating economic slowdown, while the yuan surged as China’s top leaders pledged to provide policy support for the economy.

The Politburo meeting praised China’s statements, sending the yuan up over 0.5% in both onshore and offshore Asian trade.

China’s optimism bolstered the Australian dollar, a liquid proxy for the yuan.

The euro rose 0.12% to $1.1075 after a poll indicated euro zone business activity dropped more than predicted in July.

The extension of weakness in the manufacturing sector and services, particularly Germany, has put question marks around the ECB’s rhetoric.

The yen struggled to rebound from Friday’s losses, with the Bank of Japan leaning toward keeping its yield control policy unchanged at the policy meeting.