Asian shares rose to a six-month high on Wednesday while the dollar steadied as investors were buoyed by China's reopening and optimistic towards U.S. inflation data.

MSCI's broadest index of Asia-Pacific shares outside Japan rose as much as 0.82 percent to touch six-month high of 538.56, while Japan's Nikkei gained 1 percent.

Hong Kong's Hang Seng index gained 1 percent, lifted by hopes of a strong economic rebound from the COVID-19 pandemic and discounted values of stocks.

"Despite a solid start to the year, there should be a lot more upside to China's stocks, with earnings upgrades to drive further outperformance,” said SPI Asset Management's Stephen Innes.

"Although we are not pitching a tent in that camp just yet, many investors are starting to believe China's reopening could be faster than expected on pent-up demand, a robust economic rebound and fewer supply constraints."

Investor attention will be put on the U.S. consumer price index, scheduled to be released on Thursday. The data will be crucial in determining what the Fed is likely to do with interest rates in its next meeting at the start of February.

(With input from AFP, Reuters)