KUALA LUMPUR: The ringgit ended slightly higher against the US dollar yesterday, tracking the higher South-East Asian peers’ currencies following reports that China is seeking to inject funds to bolster markets and investor sentiments.

       At 6pm, the ringgit improved to 4.7265/7290 against the greenback compared with Monday’s close of 4.7280/7335.

       SPI Asset Management managing director Stephen Innes said there were media reports that China was poised to inject US$279bil in fiscal support to lift its markets, hence making the Chinese yuan leading in the foreign exchange (forex) market against the greenback.

       “There is an anticipation that the ringgit may catch up to the Asean basket if the proposed Chinese stimulus measure materialises,” Innes told Bernama.

       Nonetheless, he said the biggest impediment for the ringgit would be the repricing of the US Federal Reserve’s March interest rate cut expectation, which led the local forex markets to remain cautious.