Asian stocks rallied from a three-year low, tracking a rebound in the U.S. amid speculation a selloff that erased more than $5 trillion from global equity values this year had gone too far. Oil rose for the first time in 2016, while the offshore yuan strengthened.

The MSCI Asia-Pacific Index climbed the most in four weeks as benchmarks in Japan and Hong Kong added more than 2 percent. U.S. index futures advanced after the Standard & Poor’s 500 Index rose for a second day. Treasuries took back some of the last session’s gains, which were spurred by crude’sdecline to below $30 for the first time in 12 years. The more positive sentiment diminished the appeal of haven currencies, with the yen retreating as Australia’s dollar appreciated.

The S&P 500’s rebound from its lowest level since September has provided a shot in the arm for equity markets, which have been beaten down in 2016 amid concern over China’s ability to manage its slowing economy and the impact of sliding crude prices. The panic seen in financial markets last week has receded since Chinese policy makers intervened to halt the yuan’s drop to a five-year low, reducing the risk of a currency war. A report showed the nation’s trade surplus unexpectedly widened last month as exports improved.

“We’ve seen some stability in the U.S. and other markets but sentiment will really depend on what’s happening in China with regard to the direction of their currency and economic data,” James Lindsay, an Auckland-based fund manager at Nikko Asset Management Co., which manages $160 billion globally, said by phone. “If we see continued weakness in the yuan, that will have a huge flow-on effect for the rest of the world.”