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China's central bank in further injects funds 3 straight days in this week into the financial system open market operations to ease liquidity before the Lunar New Year holiday. Today, The People's Bank of China conducted 40 billion yuan of 14-day reverse repurchase agreements (repo) and 60 billion yuan of 28-day reverse repo, a process in which central banks purchase securities from banks with agreements to resell them in the future. The bank injects funds 210 billion yuan in total this week.

Today, BOJ’s Kuroda says ready to use more policy options to boost inflation

* BOJ can cut rates beyond minus 0.1 pct if needed

* Adds can devise new tools if existing ones don't work

* Kuroda says no limits to monetary policy means

* China has room to top up stimulus, can achieve stable growth

"Since China growth concerns began shaking the markets in August, the broad theme has been central banks versus global risk," said Shin Kadota, chief Japan FX strategist at Barclays in Tokyo.

"The yen benefited from the latest round of 'risk off'. The euro, which gained as U.S. yields fell, has also become a sort of safe-haven since August. I don't see China woes subsiding soon and the central bank versus global risk theme could play out indefinitely."

Oil futures rose in late Asian trade on Wednesday after spending most of the session in negative territory as U.S. crude stocks last week surged to more than half-a-billion barrels and as Iran plans to boost exports from March.

Weekly inventory data from the U.S. government's Energy Information Agency is due on Wednesday.

A rebalancing between oil demand and supply will not come until mid-2017, Morgan Stanley said in a note on Wednesday. "Despite the myriad announcements of capex cuts, production has yet to respond enough to rebalance the market."

Reference: The People's Bank of China, Reuters