The Shanghai Composite Index finished up 1.3% at 3061.02, a more than four-year high, led higher by bank stocks. On Tuesday, data showed a contraction in Chinese factory activity, which appeared to stoke hope for further monetary and fiscal stimulus.

The Nikkei Stock Average was up 0.4% at 16819.73, despite signs that a weaker Japanese yen was providing limited help to the country’s flagging economy. Exports grew in value but fell in terms of volume in November, according to data Wednesday.

Most of Asia traded higher, after falling oil prices, jitters in Russia and worries about tighter U.S. monetary policy battered emerging markets earlier in the week. Stocks in the Philippines were last down 2.7%, but elsewhere in the region, Malaysia was up 0.8%, India was flat, and Singapore was up 0.4%.

In Indonesia, the rupiah traded at 12,687.1 against the U.S. dollar, strengthening after it hit 12,930 Tuesday. The central bank in Indonesia has been intervening to curtail the currency’s fall.

The U.S. Federal Reserve is expected to issue a statement Wednesday that could give a clearer indication about when it will raise short-term interest rates next year, which could soak up money flows from riskier markets in Asia and further bolster the U.S. dollar.

“After several days of steep falls, stocks are definitely cheap enough to pick up, but the market remains beholden to exterior influences such as volatile currency and commodity prices,” said Hiroichi Nishi, SMBC Nikko Securities general manager of equities. “The turmoil may be far from over.”

Hong Kong’s Hang Seng Index fell 0.4% to 22585.84.

The U.S. dollar traded at ¥117.23, up from ¥116.41 late Tuesday in New York, providing a lift for Japanese exporters that rely on dollar earnings abroad.

India’s rupee fell 0.3% to 63.62 against the U.S. dollar, compared with a loss of as much as 0.6% on Tuesday.