BEIJING, March 4 (Xinhua) -- Chinese stocks opened lower on Wednesday, with the benchmark Shanghai Composite Index down 0.37 percent to open at 2,981.81 points, tracking losses on Wall Street overnight despite the U.S. Federal Reserve's interest-rate cut.

File photo: CGTN

The Shenzhen Component Index declined by 0.63 percent to 11,411.60 points.

The U.S. Federal Reserve lowered the target range for the federal funds rate by 50 basis points to 1 to 1.25 percent, as the COVID-19 outbreak poses "evolving risks" to economic activity, the U.S. central bank said Tuesday.

The Dow Jones Industrial Average closed down 785.91 points, or 2.94 percent, to 25,917.41, after falling by 997 points at session low. The broader S&P 500 and the Nasdaq both dropped by over two percent at closing.