Mainland stocks and the yuan outperformed their Asian counterparts after a new round of support from a state fund, as President Xi Jinping reportedly visited the country's central bank for the first time.

Xi made his first known visit to the nation's central bank since he became Chinese president a decade ago, according to people familiar with the matter, underscoring the government's increased focus on shoring up the economy and financial markets.

Along with vice premier He Lifeng and other government officials, he visited the People's Bank of China and the State Administration of Foreign Exchange in Beijing yesterday afternoon, said the people. The vice premier also visited the nation's sovereign wealth fund, the people added.

Yesterday, the CSI 300 index inched up 0.37 percent to 3,487 points, and the gauges in Shanghai and Shenzhen rose by 0.78 percent and 0.61 percent respectively, ending the declines of four trading days in a row and reversing a slump on Monday

The rally came after the Central Huijin announced on Monday evening that it has bought some exchange-traded funds and will raise its holdings in the future, following the stake increase in the Big Four state-owned banks two weeks ago.

The onshore yuan rebounded 75 basis points to 7.3075 per US dollar, the highest for nearly two weeks.

However, other Asian regions underperformed with markets in Japan and Taiwan inching up by 0.2 percent and 0.4 percent respectively.

The worst performer was Hong Kong's Hang Seng Index which dipped 1.05 percent to 16,991 points, a new low since November 2022, with about HK$90 billion turnover.