However, market losses capped as Beijing's decision to ease quarantine requirements for travelers. China on Tuesday slashed the quarantine time for inbound travellers by half in a major easing of one of the world's strictest COVID-19 curbs.
At close of trade, the benchmark Shanghai Composite Index declined 1.4%, or 47.69 points, to 3,361.52. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 2.2%, or 49.41 points, to 2,194.51. The blue-chip CSI300 index was down 1.54%, or 69.16 points, to 4,421.36.
AVIC Chengdu UAS Company rallied 76 per cent to 57 yuan on its trading debut in Shanghai. In Shenzhen, United Faith Auto-Engineering soared 113 per cent to 58.76 yuan.
CURRENCY NEWS: China's yuan firmed up against the U.S. dollar on Wednesday despite weaker mid-point fixing by central bank, as Beijing's decision to ease quarantine requirements for travellers. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7035 per dollar, 0.16% weaker than the previous fixing of 6.693. In the spot market, onshore yuan CNY=CFXS opened at 6.7050 per dollar and was changing hands at 6.7022 at midday, 58 pips stronger from the previous late session close.
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