Chinese shares slid on Friday, dragged down by the overnight losses in the U.S. market sparked by President Barack Obama's proposal of tough new restrictions on banks.

The benchmark Shanghai Composite Index edged down 0.96 percent, or 30.28 points, to close at 3,128.59 points.

The Shenzhen Component Index slid 2.49 percent, or 321.22 points, to close at 12,595.94 points.

Combined turnover totaled 258.9 billion yuan (37.9 billion U.S. dollars), up from 225.6 billion yuan on the previous trading day.

Losers outnumbered gainers by 722 to 162 in Shanghai and 760 to 95 in Shenzhen.