Major U.S. stock indices rebounded from loses and managed to advance slightly on Wednesday. Markets were weighed by a weaker yuan, which intensified concerns over global economic growth. However the People's Bank of China said that the yuan was unlikely to keep on declining and expressed confidence that the exchange rate will stabilize as market participants get used to a new system of median points.

The Dow Jones Industrial Average declined 0.33 point to 17,402.51. The S&P 500 climbed 1.98 points, or 0.1%, to 2086.05.The Nasdaq Composite rose 7.6 points, or 0.2%, to 5044.39.

This morning in Asia Hong Kong Hang Seng rose 0.43%, or 103.36 points, to 24,019.38. China Shanghai Composite Index fell 0.47%, or 18.13 points, to 3,868.19. The Nikkei gained 0.98%, or 199.89 points, to 20,592.66.

Asian stocks outside China advanced. The People's Bank of China weakened the yuan 1.1% more after it had lowered it on Tuesday and Wednesday by 1.9% and 1.6% respectively. The PBOC said that it is able to maintain yuan's stability and pledged to open the country's currency markets for foreign investors.

Japanese stocks traded higher amid a weaker yen.

Stocks were also influenced by data from the Economic and Social Research Institute, which showed that Japan Core Machinery Orders fell by 7.9% m/m in June, while they were expected to decline only by 5.6%. This is the first decline in four months. It was generated by concerns over health of the global economy and falling commodity prices.