Shanghai Composite down 0.52% at 2,886 points (Il Sole 24 Ore Radiocor) - Shanghai , 25 Jul - Chinese shares closed lower, extending recent losses amid weak Asian markets.

Mainland stocks stocks fell to an over two-week low as sentiment was dampened by recent disappointing growth data, an underwhelming interest rate cut by the People's Bank of China and a disappointing Third Plenum of the Chinese Communist Party.

Five of China's major state-owned banks today cut deposit rates to cushion a hit to their already record low margins, after China's central bank cit its key short-term policy rate and the mortgage reference rate earlier this week.

Uncertainty over the US presidential race also continued to weigh on sentiment amid continued peculation over a Trump presidency.

In his first presidential term from 2017 to 2021, Trump maintained a largely hardline stance against China, slapping steep tariffs on the country and fuelling a prolonged trade war between the world's two major economies. Over the weekend US president Joe Biden had dropped out of the presidential race and endorsed vice president Kamala Harris as the Democratic nominee.

Dismal results from the Third Plenum also continued to dampen sentiment.

Investors were disappointed by the lack of details on implementation steps to achieve economic policy goals at the end of the closely monitored policy meeting, a major gathering of the top members of the ruling Communist Party of China usually held every five years.

The Shanghai Composite closed down 0.52% at 2,886 points, while the Shenzhen CSI 300 fell 0.55% to 3,399 points.

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(RADIOCOR) 25-07-24 11:07:12 (0307) 5 NNNN