Banking stocks weigh on Chinese markets

<p>China’s CSI300 finished lower today as banking stocks performed poorly.</p>

Weak banking stocks offset positive consumer credit news as the Chinese stock market endured a mixed day of trading today (June 11th).

The CSI300 was down 0.1 per cent on 5,306.59 points at the close of trading, but there was a 0.3 per cent gain on the Shanghai Composite Index, which finished on 5,121.59 points.

Reuters reports gains were limited by the ongoing poor performance of banking stocks, which have been hit by investors' negative reaction to news MSCI is not including mainland stocks in its emerging market benchmark index.

There was also a mixed response to news the state council is encouraging local governments to make the most of spending in 2015 or have their budgets cut next year.

Gains were seen in consumer and IT stocks, after the state council also revealed plans to support cross-border e-commerce and open up the consumer credit market.

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