On Wednesday, Alibaba's Hong Kong-traded shares saw an 8% increase in value.

The Chinese securities regulator recently announced that two online brokers listed on the Nasdaq had broken the country's laws by allowing mainland customers to make trades across borders.

On Wednesday, the head of India's central bank cautioned that if private cryptocurrencies are allowed to expand, the next financial crisis could be triggered by them.

As the economy slows, financial conditions become tighter, and yields increase, one might expect to see more stress in the corporate debt markets and a higher rate of delinquencies.

Stock markets in the Asia-Pacific region experienced a decline as the Bank of Japan adjusted its yield curve control tolerance range, while maintaining its ultra-low benchmark interest rates.