At close of trade, the benchmark Shanghai Composite index was down 0.74%, or 22.62 points, to 3,021.98. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.19%, or 3.22 points, to 1,675.05.

The blue-chip CSI300 index declined 0.7%, or 24.68 points, to 3,506.22, with its financial sector sub-index lower by 0.09%, the consumer staples sector up 0.96%, the real estate index down 1.07% and the healthcare sub-index up 1.23%..

CURRENCY NEWS: China's yuan weakened slightly against the dollar on Monday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1059 per dollar, weaker than the previous fix 7.1043. The onshore yuan opened at 7.2429 per dollar and was changing hands at 7.2447 at midday, 7 pips weaker than the previous late session close and 1.95% weaker than the midpoint.

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