Thanks for posting your query at DoctorSpring.com.
You are doing the right thing by keeping it uncovered. Or else the newly fielded tissue will come out with the bandage.
I would recommend application of mupirocin cream on it twice a day. This will help in taking care of any infection if present. The yellow liquid might be serum or it could be pus.
If the yellowish liquid is persistent even after the cream application for a couple of days you will require an oral antibiotic.
Hope I have answered your queries. Please feel free to discuss further.