Mainland China share market finished session lower on Wednesday, 10 August 2022, after weaker than expected inflation data and lingering concerns over heightened Sino-U.S. tensions over Taiwan.

At close of trade, the benchmark Shanghai Composite Index declined 0.54%, or 17.41 points, to 3,230.02. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.35%, or 7.66 points, to 2,180.83. The blue-chip CSI300 index was down 1.12%, or 46.55 points, to 4,109.74.

Data on Wednesday showed China's factory-gate inflation eased to a 17-month low in July while consumer prices picked up pace, but both figures came in lower than market expectations, adding to market worries that domestic activity remained subdued. The consumer price index rose an annual 2.7% in the month, up from a 2.5% increase in June, while producer price inflation slowed to 4.2% from 6.1% in June, data showed earlier in the day.

CURRENCY NEWS: The People's Bank of China set the midpoint rate CNY=PBOC at 6.7612 per dollar prior to the market open, weaker than the previous fix 6.7584. In the spot market, the yuan CNY=CFXS opened at 6.7540 per dollar and was changing hands at 6.7567 at midday, 38 pips weaker from the previous late session close.

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