Asian Shares End Steady As China Sets Yuan Higher

Asian markets heaved a sigh of relief on Friday as China’s efforts to calm investors showed early signs of success. China’s securities regulator suspended the market’s new circuit breaker mechanism and the country’s central bank guided the yuan a shade higher for the first time in nine days, helping prop up beaten-down shares. Oil prices rebounded, the safe-haven yen weakened and gold gave up gains after hitting a nine-week high above $1,100 an ounce, reflecting improvement in risk appetite.