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Chinese shares dip after central bank says to fine-tune credit policy

Chinese equities went down by more than 3 percent in the morning session Thursday, after the central bank said a day earlier it would use market tools to guide loan growth.

The benchmark Shanghai Composite Index dipped 3.42 percent, or 117.33 points, to 3,311.17 at around 10:30 a.m..

Chinese equities ended four days of rises to drop 1.24 percent on Wednesday, led by weakening heavyweights.

The Shanghai index had gained more than 80 percent since the beginning of the year to Wednesday's closing at 3,428.5, as Chinese banks advanced a record 7.37 trillion yuan (1.08 trillion U.S. dollars) in new loans in the first half of the year.

Despite the fine-tune, the central bank reaffirmed Wednesday it will stick to its moderately easy monetary policy to consolidate the country's economic recovery.

 Source : Xinhua  Editor: Ivy
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