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The People’s Bank of China insists there is no ground for sustained yuan depreciation, however a second consecutive daily devaluation would suggest otherwise.

The U.S. stock market is rising at midday, bouncing back from a discouraging report on manufacturing. The Dow Jones Industrial Average and the S&P 500 notched up 0.4 and 0.5 percent, respectively. The Australian dollar, often used as a liquid proxy of China-related trades,...

The promise, which analysts said was designed to soothe investors’ frazzled nerves, came after the central bank’s shock devaluation of the yuan last week plunged global financial markets into turmoil.

Global economic norms proved no match for China’s subsidies for politically-connected enterprises, questionable respect for intellectual property rights, state-sponsored computer hacking, opaque crackdowns on foreign companies and poorlabor and environmental standards.

Most shares in the region climbed as China kept its currency steady for a second day.

Anxiety gave way to relief on global markets as China’s central bank eased concern that a shock currency devaluation would trigger broader financial turmoil.

The volatility prompted the government to unleash a wave of measures to stabilize markets.

In Hong Kong, the Hang Seng index added 0.4 per cent to 24,595.51 points.

The benchmark Hang Seng Index added 115.51 points to 24,619.45, on turnover of HK$115.27 billion (S$20.3 billion).

One of the most actively traded stocks was Stratech Group, which rose 0.9 cents to 5.6 cents with 109.2 million shares changing hands.

Japan’s core consumer price index (CPI) rose 0.1 percent on-year in June , a tad above the 0.0 percent forecast in a Reuters poll.