Asian markets are cautiously moving higher. But the yuan is still weak

China's Shanghai Composite Index (SHCOMP) was flat. South Korea's Kospi (KOSPI) rose 0.1%. Australia's S&P/ASX 200 and Taiwan's Taiex inched up 0.2% and 0.3%, respectively.

But Hong Kong's Hang Seng Index (HSI) dropped 0.6%, after a slightly higher open. Japan's Nikkei lost 0.4%.

Stocks have been mostly on the upswing after China took steps Tuesday to stabilize the yuan. But the currency is still weak. On Wednesday, the People's Bank of China once again cut the yuan's daily reference rate, which is a "band" it sets every day to curb how far up or down the yuan's value can move. The rate was set to 6.9996 yuan per one US dollar. That's a new 11-year low.

The central bank's new reference rate is just a touch away from 7 yuan to one dollar — a psychologically important benchmark.

One dollar now buys about 7.03 yuan in trading in China. In trading outside of China, where the yuan moves more freely, one dollar can buy about 7.07 yuan, slightly better than where the currency was earlier this week.

Here are some of the other big moves on Asian markets at 10:20 a.m. Hong Kong time.

Cathay Pacific (CPCAY), Hong Kong's flagship airline carrier, rebounded 0.4% in Hong Kong ahead of earnings it will release later in the day. The stock has lost more than 4% this week, and has been weighed down by the ongoing mass protests in the city, which have disrupted transportation services and affected flights.
The Bank of Japan on Wednesday released a summary from its July monetary policy meeting and said the central bank will "continue with the current extremely powerful monetary easing for as long as possible."
South Korea will take steps in a "swift and drastic manner" to stabilize financial markets in case of sharp volatility, Bang Ki-sun, deputy minister of economy and finance, said Tuesday in a meeting with officials in Seoul, according to the South Korean news agency Yonhap.
New Zealand's NZX 50 Index gained 0.9% after the Reserve Bank of New Zealand cut interest rates by 50 basis points to bolster the economy. That's more than expected, and puts the official cash rate at a record low of 1.00%.
On Tuesday, US stocks rebounded on optimism that currency tensions between the United States and China would ease. The Dow (INDU) ended 312 points higher, or 1.2%. The S&P 500 (DVS) rose 1.3%. The tech-heavy Nasdaq Composite (COMP), which was hit worst in Monday's selloff, finished 1.4% higher.