At close of trade, the benchmark Shanghai Composite Index was down 1.12%, or 36.42 points, to 3,226.89. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.53%, or 31.78 points, to 2,049.48.
The blue-chip CSI300 index declined 1.2%, or 47.75 points, to 3,939.15.
ECONOMIC NEWS: Average new home prices in February edged up 0.3% month-on-month from a 0.1% gain in January, according to National Bureau of Statistics (NBS) data. In annual terms, prices fell 1.2%, marking the slowest pace in seven months and narrowing from a 1.5% drop in January.
CURRENCY NEWS: China's yuan depreciated against the dollar on Wednesday, despite stronger mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.9149 per dollar, weaker than the previous day fix of 6.8680. In the spot market, the yuan CNY=CFXS opened at 6.8931 per dollar and was changing hands at 6.9028 at midday, 39 pips firmer from the previous late session close.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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