The euro fell to a one-week low as the dollar gained in early European trading.
The yuan was the big mover, gaining 0.8 percent as the Chinese currency continued its recovery from an 11-month low after the central bank took steps to stem its rapid slide.
“Because countries like South Korea and Taiwan do export quite a high portion of their overall exports to China, as part of goods for China to re-export.”
The dollar dropped to as low as 105.45 yen, near Friday’s 16-month low of 105.24 yen and last stood at 105.75 yen, down 0.35 percent on the day.
Most emerging market currencies climbed on Wednesday, with China’s yuan and South Africa’s rand both touching more than two-year highs.
Mexico’s peso snapped back on Wednesday, gaining as much as 1.3 percent.
Mexico's government is not worried about the country's peso, which has seen orderly market movements, Finance Minister Jose Antonio Meade said on Wednesday.