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China: Stocks decline as hopes for policy easing fade

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[BEIJING] China stocks slipped on Wednesday, pulled down by financial shares amid receding expectations of aggressive monetary easing, while property shares also declined.

The CSI300 index, which tracks the largest listed companies trading in Shanghai and Shenzhen, fell 0.4 per cent, to 3,329.86 points. The Shanghai Composite Index lost 0.1 per cent, to 3,085.88 points.

China's central bank on Wednesday injected cash into money markets through 14-day reverse repurchase agreements for the first time since February, and traders said the prospect of more liquidity injections trimmed expectations of further aggressive monetary easing.

The property shares finished lower with subindex losing 1.55 per cent. China Vanke Co was among the top losers, which dropped 2.87 per cent.

The financial subindex was down 0.73 per cent.

REUTERS