At closing bell, the benchmark Shanghai Composite Index fell 0.17%, or 6.15 points, to 3,587. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.11%, or 2.60 points, to 2,420.04. The blue-chip CSI300 index decreased 0.25%, or 12.54 points, to 4,910.18.
Shares of Chinese real estate firms mostly slipped as developments surrounding debt-ridden China Evergrande Group and signs of slowing property sales. China Vanke fell 0.71% while Country Garden declined 0.64%.
ECONOMIC NEWS: China Maintains Loan Prime Rates Unchanged- China maintained its benchmark loan prime rates for the 18th consecutive month. The one-year loan prime rate was kept unchanged at 3.85 percent and the five-year LPR at 4.65 percent. The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.
CURRENCY NEWS: China's yuan weakened against the U.S. dollar on Wednesday, despite firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4069 per dollar, 0.37% firmer than the previous fix of 6.4307. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.39 at late afternoon, 0.12% softer than the previous late session close.
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