At close of trade, the benchmark Shanghai Composite Index fell 1.2%, or 39.52 points, to 3,267.20. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.28%, or 27.47 points, to 2,119.82. The blue-chip CSI300 index sank 1.27%, or 54.95 points, to 4,270.62.
Healthcare stocks stumbled after reports emerged that Beijing is mulling a ban on sales of medicines on third-party e-commerce platforms.
CURRENCY NEWS: China's yuan weakened against the U.S. dollar on Wednesday, after softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7109 per dollar, weaker than the previous fix 6.6851. In the spot market, onshore yuan CNY=CFXS opened at 6.6946 per dollar and was changing hands at 6.7160 at midday, 250 pips or 0.37% weaker than the previous late session close.
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