Chinese equities fell the most in seven weeks on Wednesday after China's central bank asked lenders to set aside more reserves as the record bank credit last year ignited fears of inflation and asset bubbles.

The benchmark Shanghai Composite Index went down 3.09 percent, or 101.31points, to close at 3,172.66 points.

The Shenzhen Component Index lost 2.73 percent, or 364.69 points, to close at 13,016.56 points.

Combined turnover expanded to 322.79 billion yuan (47.69 billion U.S. dollars) from 294.3 billion yuan on the previous trading day.