MSCI's broadest index of Asia-Pacific shares outside Japan added 0.6 per cent. Australia's main index rose 1.1 per cent, aiming for a third straight session of gains.

The domestic markets wiped out all its intraday gains on global growth concerns as a survey in Europe showed euro zone business growth remained tepid in October.

Asian share markets crept ahead on Tuesday after the benchmark for US tech stocks hit its highest in 15 years.

Hong Kong stocks also dipped, with investors nervous ahead of the Federal Reserve's policy decision later this week, though many now expect the US central bank will hold off on raising interest rates for another few months.

The decline has quickened following China's near 2 per cent devaluation of the yuan on August 11, which stoked fresh concerns about the economy and heavy selling of the currency.

Chinese stocks had fallen again on Wednesday - taking their losses to more than 20 per cent in just five days - underscoring fragile investor confidence and deep doubt over whether the previous day's policy easing by the People's Bank of China's (PBOC) could stabilise the economy.

According to Bloomberg Billionaires Index, which tracks the world's richest people, Jianlin lost more than 10 per cent of his total wealth on Monday. Jack Ma, China's second-richest person and founder of e-commerce giant Alibaba, lost only $545 million.

Chinese markets were down more than 9 per cent during the day and had only slightly recovered by the close of trade, the worst daily performance since 2007 and a hair's breadth from the worst day since 1996, with traders blaming regulators' failure to act over the weekend after markets lost 11 per cent last week.

The Shenzhen component index dived 3.79 per cent to close at 12,107.99. The ChiNext index, tracking China's Nasdaq-style board of growth enterprises, slumped 4.79 per cent to end at 2,388.71. Companies in public transportation, communication, and highways lost the most.

The yuan fell against the dollar on Tuesday despite a slightly stronger midpoint set by the central bank and traders expect the currency to remain under downward pressure as the economy struggles.

The latest volatility has raised questions about how Beijing can extricate itself from the raft of support measures it has placed under the stock market.

The wild volatility in China's markets has stoked fears among global investors about the broader health of the Chinese economy, hitting prices of growth-sensitive commodities such as copper, which hit a 6-year low on Monday.

Yang Hai, strategist at Kaiiyuan Securities, said the trigger was \"a sluggish US market amid stronger expectations of a Fed rate rise in the fourth quarter. That, coupled with China's rising pork prices, fuels concerns that China would refrain from loosening monetary policies further.\"

The rebound came after China's securities regulator banned shareholders with large stakes in listed firms from selling. The banking regulator said separately it would allow lenders to roll over loans backed by stocks.

\"The ripple effect from the market correction has yet to show up,\" wrote BofA-ML analysts in a note. \"We expect slower growth, poorer corporate earnings, and a higher risk of a financial crisis\", the bank added.

The US index provider MSCI said last week it expects to add so-called China A-shares after a number of remaining market accessibility issues are resolved.

The International Monetary Fund (IMF) in its latest World Economic Outlook stated that India's growth rate will overtake China's in 2015-16 financial year.

It hit a one-month low on the yen at 135.97, while the dollar briefly spiked to a six-year peak of 105.71 yen before steadying at 105.35.

Asian stock markets fell Thursday after the Federal Reserve made it known that its top officials were leaning toward a phaseout of its massive stimulus program.

India, famous for its information technology industry, is losing ground as an innovation hub.