The yuan is one of region's worst performing currencies and has depreciated about 6.1% against the US dollar so far this year

Japan’s Nikkei 225 slumped by over 2%, while Hong Kong’s Hang Seng and South Korea’s KOSPI were down 2% and 0.7%, amid fears of more hawkish signals from the Fed later today

The PBOC ordered local banks to restrict southbound purchases under the Bond Connect scheme, in a bid to limit the supply of yuan offshore, sources say

Shanghai blue chips saw another fall, but the Nikkei, Hang Seng and other key regional indexes all saw gains on Wednesday

Markets in Asia rose after a week of declines, with the Hang Seng Index rebounding nearly 1% as beaten down China shares climbed up, while the Nikkei was up by a similar amount

China's blue-chip index fell 1.24%, while the Hang Seng sank by 1.8% – to levels seen last November. Investors appear to have lost faith in Beijing's ability to restore economic momentum

The move effectively raised the cost of shorting the Chinese yuan, at a time the local unit is facing mounting depreciation pressure. It follows similar action last week.

Hedge fund EDL says China's weakening offshore currency could be the markets’ next 'black swan event'

The PBOC's unexpected move on Tuesday comes as data for July showed weak retail sales and industrial growth. Analysts say more support is urgently needed to avoid a 'downward spiral'

The Bank of Japan has stuck to its ultra-loose monetary policy as global central banks have hiked interest rates, making returns in other countries look more attractive

Customs data on Tuesday showed imports dropped 12.4% in July year-on-year, while exports were down 14.5% amid weak demand both at home and abroad

Most markets in the Asia-Pacific rose on Friday, with a pledge of support from China's central bank for the property sector and local governments bolstering its key exchanges