BEIJING, Dec. 10 -- Chinese shares rebounded on Wednesday, with the benchmark Shanghai Composite Index jumping nearly 3 percent on the strong performance of bank and property shares.

The Shanghai index regained the 2,900-point mark in the afternoon trading session. It continued rising and closed 2.93 percent higher at 2,940.01 points.

The smaller Shenzhen Component Index jumped 4.24 percent to close at 10.545.51 points.

A total of 111 shares rose by the daily trading limit of 10 percent.

The combined turnover on the Shanghai and Shenzhen bourses stood at 861 billion yuan (141 billion U.S. dollars), down from a historical high of 1.27 trillion yuan the previous trading day.

Fresh data showed China's consumer prices in November grew by their slowest pace in five years, raising the probability of more easing measures by the central bank.

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

Bank shares rose, with China Merchants Bank soaring 8.28 percent and Bank of Beijing rising 5.38 percent.

Five property firms leaped by the daily limit of 10 percent. RiseSun Real Estate Development added 9.90 percent, and Gree Real Estate jumped 9.99 percent.

Environmental protection shares rose on the news that an action plan for tackling water pollution will be launched soon. The plan is expected to bring investment of 2 trillion yuan to the environmental protection industry.

A total of 13 environmental protection firms, including Beijing Originwater Technology, rose by the daily limit of 10 percent.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, closed 4.52 percent higher at 1,572.68 points.