Asia trades mixed as PBoC halts Yuan devaluation

China's central bank created a rollercoaster ride in the markets this week, but the ride was drawing to an end in a calm fashion on Friday, with the People's Bank of China (PBoC) setting the USD/CNY rate lower for the first time in four days.

Asian markets were mixed on Friday as traders digested the latest currency move by the People's Bank of China, which was a lot easier to swallow than moves made by the central bank earlier this week.

The small appreciation of the Yuan, after three-consecutive days of devaluation, means the PBoC is serious about bringing the onshore yuan (CNY) more in line with the offshore yuan (CNH), rather than simply trying to devalue the currency in a bid to support the export sector, which should help restore risk appetite.

The Indian market is edging up supported by pharma, auto and IT stocks. The Sensex is up 146.39 points or 0.5 percent at 27695.92 and the Nifty is up 46.30 points or 0.6 percent at 8402.15.

Japan's benchmark Nikkei 225 index fell 0.33% to 20,528.25 points within the first hour of trade, while Tokyo's broader Topix gauge was down 0.09% at 1,666.54 points.

Hong Kong's benchmark Hang Seng index advanced 0.36% to 24,104.14 points shortly after the opening bell, and mainland China's benchmark Shanghai Composite grew 0.45% to 3,972.35 points at the same time.

The benchmark Australian S&P/ASX 200 index gained 0.20% to reach 5,398.90 points in Sydney, after trading with early losses, with the heavily-weighted banks supporting the index, while resource stocks trading broadly lower.

New Zealand's benchmark S&P/NZX 50 index rose 0.24% to 5,751.69 points this afternoon in Wellington. Retail sales rose 0.1% last quarter in New Zealand, according to Statistics New Zealand data released on Friday, coming in below the market forecast of a 0.5% rise in sales volumes, and easing from a revised 2.3% increase in the March quarter.