Paramilitary police snipers during a practice session of holding their breath underwater, as part of a psychological training, at an annual drill in Nanjing, Jiangsu province, in 2013. China Daily/REUTERS It was another chaotic session for Asian markets on Friday, with equities, commodities, and currencies swinging wildly in line with movements in Chinese stocks.

Up 3%, down 2%, and then back higher again. That's not an exaggeration; it's the actual description of the first 15 minutes of trade on the benchmark Shanghai Composite index.

The chart below reveals the percentage change in the benchmark Shanghai Composite index over the session. Eventually it closed with a gain of 1.98%, the largest in percentage terms since December 14.

China's so-called national team — a collective group of state-backed financial firms assigned to support Chinese stocks when they come under pressure — was most likely active in the market Friday.

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Still, it was another white-knuckled ride for investors, continuing the pattern seen in recent days.

Earlier in the session risk assets across the region were buoyed by a surprise strengthening in the Chinese yuan. The People's Bank of China, China's central bank, fixed the yuan-to-dollar rate for Friday at 6.5636, below Thursday's starting level of 6.5646 and the most recently traded price of 6.5929 seen overnight in Europe.

A lower figure indicates that the yuan has strengthened against the US dollar.

The offshore traded yuan to dollar initially fell heavily on the news, helping to support risk assets as a consequence. Like the stock market, it too endured a wild session of trade, falling to as low as 6.6535 before screeching back to above 6.6800 in the latter parts of trade.

There were rumors that the PBOC, through state-backed banks, was intervening to support the yuan through the session.

This was further strengthened by reports that China's foreign-exchange regulator, SAFE, ordered banks in some trading hubs to limit dollar purchases in an attempt to limit capital outflows from the nation.

But despite the strength seen in Chinese markets, initial gains in currencies, commodities, and stocks were slowly whittled away, or reversed, during the session.

Here's the final Asia market scoreboard as at 6:05 p.m. AEDT (2:05 a.m. ET).

Stocks

ASX 200 4,990.84 , -19.50 , -0.39%

4,990.84 , -19.50 , -0.39% Nikkei 225 17,697.96 , -69.38 , -0.39%

17,697.96 , -69.38 , -0.39% Shanghai Composite 3,186.78 , 61.77 , 1.98%

3,186.78 , 61.77 , 1.98% Hang Seng 20,509.31 , 175.97 , 0.87%

20,509.31 , 175.97 , 0.87% KOSPI 1,917.62 , 13.29 , 0.70%

1,917.62 , 13.29 , 0.70% Straits Times 2,752.15 , 22.24 , 0.81%

2,752.15 , 22.24 , 0.81% S&P 500 Futures 1,952.75 , 19.75 , 1.02%

Forex

USD/JPY 118.46 , 0.80 , 0.68%

118.46 , 0.80 , 0.68% USD/CNY 6.5875 , -0.0051 , -0.08%

6.5875 , -0.0051 , -0.08% AUD/USD 0.7056 , 0.0047 , 0.67%

0.7056 , 0.0047 , 0.67% NZD/USD 0.6658 , 0.0033 , 0.50%

0.6658 , 0.0033 , 0.50% AUD/JPY 83.59 , 1.12 , 1.36%

83.59 , 1.12 , 1.36% EUR/USD 1.0858 , -0.0076 , -0.70%

1.0858 , -0.0076 , -0.70% GBP/USD 1.4603 , -0.0012 , -0.08%

1.4603 , -0.0012 , -0.08% USD INDEX 98.768 , 0.5490 , 0.56%

Commodities

Gold $1,101.80 , -$7.30 , -0.66%

$1,101.80 , -$7.30 , -0.66% Silver $14.17 , -$0.14 , -0.94%

$14.17 , -$0.14 , -0.94% WTI Futures $33.98 , $0.71 , 2.13%

$33.98 , $0.71 , 2.13% Copper Futures ¥35,990 , -¥390 -1.07%

¥35,990 , -¥390 -1.07% Iron Ore Futures ¥312.50 , -¥7.50 , -2.34%

10-Year Bond Yields