Most Asian markets down but China gains as Yuan fix weakest since 2011

Most Asian markets continued this week's losing streak; however, mainland Chinese stocks gained after Chinese officials set the Yuan fix at its weakest in more than four years.

The People's Bank of China's USD/CNY fix was set at 6.5314 on Wednesday, the highest since April 2011, in China's latest bid to support the slowing economy and stabilize financial markets.

Another release by Caixin today did little to restore investors' confidence in China, suggesting China's tertiary industry grew at the weakest pace since July 2014. Caixin's China Services PMI fell to 50.2 in December from 51.2 a month earlier, where a reading above 50 signals an expansion.

Hong Kong's benchmark Hang Seng index dropped 0.33% to 21,119.84 points at the opening bell, but mainland China's benchmark Shanghai Composite grew 0.44% to 3,302.12 points at the same time.

Japan's benchmark Nikkei 225 index slipped 0.11% to 18,353.30 points within the first hour of trade on Wednesday, while Tokyo's broader Topix gauge fell 0.19% to 1,501.85 points.

Korea's benchmark Kospi index fell 0.38% to 1,922.95 points on Wednesday morning in Asia.

Australia's markets were weighed down by consumer and financial stocks on Wednesday, sending the benchmark S&P/ASX 200 down 0.47% to 5,160.00 points before midday in Sydney.

The S&P/NZX 50 was trading flat at 6,277.55 points on Wednesday afternoon in Wellington, wiping out early gains.