Asian markets rose in early trading Thursday, showing no significant reaction after China’s central bank set the yuan’s midpoint at its weakest level since 2008.

The People’s Bank of China early Thursday set the yuan’s reference point at 7.0039 against one U.S. dollar. Still, it was not as weak as some had expected, heartening investors that China was not trying to start an all-out currency war. A weakening of the yuan below the critical 7 level on Monday sent global markets tumbling amid fears it was the first step in a currency war, and led the U.S. Treasury Department to label China a currency manipulator for the first time since 1994.

Later Thursday, China posted better-then-expected trade data despite the ongoing trade war with the U.S., showing July exports rose 3.3% year-over-year while imports fell 5.6%, with an overall trade surplus of $45.06 billion. Experts had been predicting exports to fall 2% from last year, and imports to sink 7.3%, with a trade surplus of $38.7 billion, according to the Wall Street Journal.

Japan’s Nikkei

NIK, +0.37%

  rose 0.6% and Hong Kong’s Hang Seng Index

HSI, +0.50%

  gained 0.4%. The Shanghai Composite

SHCOMP, +0.93%

  advanced 0.7% while the smaller-cap Shenzhen Composite

399106, +1.01%

  was up 0.6%. South Korea’s Kospi

180721, +0.57%

  rose 0.9%. Singapore’s Straits Times Index

STI, -0.64%

  slipped, but benchmark indexes in Taiwan

Y9999, +1.04%

  and Indonesia

JAKIDX, +1.00%

  gained. Australia’s S&P/ASX 200

XJO, +0.75%

  inched up 0.2%.

Among individual stocks, Fast Retaling

9983, +1.23%

  and Nikon

7731, +3.90%

  gained in Tokyo trading, while SoftBank

9984, -2.72%

  and Inpex

1605, -2.54%

  fell. In Hong Kong, Tencent

700, +0.83%

  and Sunny Optical

2382, +1.71%

  advanced, and Hyundai Motor

005380, +2.36%

  surged in South Korea. Taiwan Semiconductor

2330, +2.22%

  and Foxconn

2354, +1.66%

  rose in Taiwan, while Rio Tinto

RIO, +2.43%

  and Oil Search

OSH, +1.31%

  gained in Australia.

Investors were rattled Wednesday by a wave of interest rate cuts by central banks in India, Thailand and New Zealand. That adds to rate cuts since May in Australia, South Korea and the Philippines in response to fear U.S.-Chinese trade tension will dent global economic growth.

“Trade anxiety remains high, impacting equities,” said Alfonso Esparza of Oanda in a report.

On Wall Street, the benchmark S&P 500 index

SPX, +0.08%

  rose 0.1%, to 2,883.98. It had been down 2% during the heaviest bout of selling. The Dow Jones Industrial Average

DJIA, -0.09%

  dropped 0.1% to 26,007.07. The Nasdaq composite index

COMP, +0.38%

  climbed 0.4% to 7,862.83.

Last week, President Donald Trump rattled markets when he promised to impose 10% tariffs on Sept. 1 on all Chinese imports that haven’t already been hit with tariffs of 25%. China struck back on Monday, allowing its yuan to weaken against the U.S. dollar.

The yuan fell further Tuesday and Wednesday, but investors were encouraged by Chinese central bank promises the decline wouldn’t continue and the exchange rate would be kept stable.

Benchmark U.S. crude

CLU19, +2.76%

  jumped $1.46 to $52.55 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $2.54 on Wednesday to close at $51.09. Brent crude

BRNV19, +2.13%

 , used to price international oils, rose $1.53 per barrel in London to $57.76. It dropped $2.71 the previous session to $56.23.

The dollar

USDJPY, -0.13%

  declined to 106.16 yen from Wednesday’s 106.26 yen.

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