The yen lost ground to major currencies on Wednesday, while the yuan hit its strongest level in over a year, as China's aggressive stimulus package provided the latest shot in the arm for risk appetite.

Asia-Pacific markets trade mostly in green, driven primarily by Chinese equities, following a series of stimulus measures from the Chinese central bank to boost the faltering economy..

European stocks are expected to open in negative territory Wednesday, paring gains from the previous session on the back of Chinese stimulus measures.

China-exposed assets jumped on Tuesday after Beijing announced its biggest stimulus since the pandemic in a bid to pull the world's second-largest economy out of the deflationary funk that has shaken global currency and equity markets this year.

Emerging markets' stocks climbed to their highest since April 2022 on Tuesday after China introduced new measures to boost its sluggish economy.

The pound has hit its highest level in over two years this morning, as investors bet that the Bank of England will cut interest rates slower than the US Federal Reserve. Sterling has extended its recent rally this morning,

European shares ended higher on Tuesday, with China-exposed firms such as luxury giants and automakers at the helm of gains after China's central bank unveiled broad stimulus measures to aid its ailing economy.