Chinese shares jump 3 pct in afternoon trading

Chinese shares rebounded on Wednesday, with the benchmark Shanghai Composite Index jumping more than 3 percent in the afternoon trading session.

The Shanghai index regained the 2,900-point mark in the afternoon trading session. It continued rising and advanced more than 3 percent around 10 minutes before the closing.

The smaller Shenzhen Component Index jumped more than 4 percent.

Bank and property shares led the gains. China Merchants Bank soared nearly 8 percent, and Bank of Beijing rose more than 5 percent.

Analysts said expectations of a cut in reserve requirement ratio for some of the country's banks fuelled the rally.

The markets rebounded after the Shanghai index tumbled more than five percent on Tuesday, the sharpest fall in more than five years.