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The New Zealand dollar advanced against its major counterparts in the Asian session on Tuesday, as Asian shares rose after China signaled policy measures to counter slowdown in the world's second largest economy.

In a statement, Chinese finance ministry said that it will implement larger tax and fee cuts to help reduce burdens for small firms and manufacturers. It also pledged to ramp up the fiscal expenditure this year by at least 5 percent.

China's economic planning agency, the National Development and Reform Commission, vowed to safeguard a "good start" for the Chinese economy in the first quarter and see that it will "operate within an appropriate range" for 2019.

The NDRC is planning to strengthen economic growth by providing more funding support for ongoing infrastructure projects and incentives to encourage the purchase of vehicles and household appliances.

Separately, Chinese central bank said that it will stick with its prudent monetary policy by putting it neither too tight nor too loose, and strengthen the counter-cyclical adjustments.

The bank said it will make monetary policy more forward-looking, flexible and targeted.

The U.S. corporate earnings seasons kicked off on Monday, with Citigroup posting fourth-quarter profit that beat analysts' expectations.

Data from Statistics New Zealand showed that food prices in New Zealand advanced a seasonally adjusted 0.5 percent on month in December.

Unadjusted, food prices were down 0.2 percent last month.

The kiwi climbed to 1.6760 against the euro, its strongest since December 19, 2018. The kiwi is likely to find resistance around the 1.66 region.

The NZ currency spiked up to near a 4-week high of 0.6849 against the greenback and near a 3-week high of 74.46 against the yen, off its early lows of 0.6812 and 73.67, respectively. Next key resistance for the kiwi is likely seen around 0.70 against the greenback and 76.00 against the yen.

The kiwi appreciated to an 11-day high of 1.0537 against the aussie and held steady thereafter. The pair ended yesterday's deals at 1.0549.

The yen weakened against its major counterparts, as Beijing's assurances to stabilize a slowing economy triggered a sell-off in safe haven assets.

On the economic front, the Bank of Japan that the M2 money stock in Japan was up 2.4 percent on year in December, coming in at 1,014.2 trillion yen. That was in line with expectations following the 2.3 percent gain in November.

The M3 money stock climbed an annual 2.1 percent to 1,011.9 trillion yen - unchanged and in line with forecasts. The L money stock was unchanged at 1.9 percent, standing at 1,790.6 trillion yen.

The yen reversed from its early highs of 108.13 against the greenback and 110.19 against the franc, falling to a 6-day low of 108.75 and a 5-day low of 110.84, respectively. If the yen falls further, 110.00 and 112.00 are possibly seen as its next support levels against the greenback and the franc, respectively.

The yen fell to more than a 2-week low of 140.43 against the pound and near a 3-week low of 78.49 against the aussie, from its early highs of 139.05 and 77.78, respectively. The yen is seen finding support around 142.00 against the pound and 79.5 versus the aussie.

Reversing from its early highs of 123.99 against the euro and 81.40 against the loonie, the yen weakened to 4-day lows of 124.86 and 82.00, respectively. The next possible support for the yen is seen around 126.00 against the euro and 83.5 against the loonie.

Looking ahead, Eurozone inflation for December and trade data for November are due in the European session.

In the New York session, U.S. PPI for December and New York Fed's empire manufacturing survey for January, as well as Canada existing home sales for December are scheduled for release.

At 10:00 am ET, European Central Bank President Mario Draghi will testify on the bank's 2017 Annual Report before the European Parliament in Strasbourg.