The Shanghai Composite CN:SHCOMP -1.85% lost 1.1% and Hong Kong’s Hang Seng Index HK:HSI -1.55% lost 1.2% after news that China’s four state-owned banks and a former state policy bank will issue a total of 19 billion yuan ($3.1 billion) worth of negotiable certificates of deposit — another step in China’s move toward liberalized interest rates, raising concerns about short-term pressure on bank profits.
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