SHANGHAI, Dec 6 (Reuters) - Shanghai stocks fell to three-month lows while Hong Kong shares dropped to their lowest level in a month on Wednesday morning, amid rising expectations that central banks will tighten liquidity, pushing interest rates higher.
** A senior Chinese researcher has urged central banks to adopt monetary policies that do not encourage markets to expect the indefinitely lower for longer interest rates that encourage excessive risk-taking by lenders, the Securities Times reported on Wednesday.
** At 04:20 GMT, the Shanghai Composite index was down 19.91 points or 0.6 percent at 3,283.77.
** China's blue-chip CSI300 index was down 0.72 percent, with its financial sector sub-index lower by 0.8 percent, the consumer staples sector down 0.75 percent, and healthcare sub-index down 0.41 percent.
** Chinese H-shares listed in Hong Kong fell 1.8 percent at 11,277.89 while the Hang Seng Index was down 1.25 percent at 28,481.64.
** The smaller Shenzhen index was down 0.28 percent and the start-up board ChiNext Composite index was unchanged.
** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.99 percent while Japan's Nikkei index was down 1.59 percent .
** The yuan was quoted at 6.6147 per U.S. dollar, 0.06 percent firmer than the previous close of 6.6188.
** The largest percentage gainers in the main Shanghai Composite index were Grinm Advanced Materials Co Ltd up 8.98 percent, followed by Shanghai Xinhua Media Co Ltd gaining 8.2 percent and Shanghai Belling Corp Ltd up by 7.95 percent.
** The largest percentage losses in the Shanghai index were Zhejiang ChiMin Pharmaceutical Co Ltd down 10.02 percent, followed by Sichuan Langsha Holding Ltd losing 10 percent and Xinjiang Urban Construction Group Co Ltd down by 9.17 percent.
** So far this year, the Shanghai stock index is up 6.45 percent, while China's H-share index is up 22.2 percent. Shanghai stocks have declined 0.41 percent this month.
** The top gainers among H-shares were China Telecom Corp Ltd up 0.52 percent, followed by Dongfeng Motor Group Co Ltd gaining 0.7 percent.
** The three biggest H-shares percentage decliners were Byd Co Ltd which has fallen 5.74 percent, Guangzhou Automobile Group Co Ltd which has lost 5.7 percent and Anhui Conch Cement Co Ltd, down by 5.3 percent.
** About 7.26 billion shares have traded so far on the Shanghai exchange, roughly 41.0 percent of the market's 30-day moving average of 17.72 billion shares a day. The volume traded was 20.83 billion as of the last full trading day.
** As of 04:20 GMT, China's A-shares were trading at a premium of 34.47 percent over the Hong Kong-listed H-shares.
** The Shanghai stock index is below its 50-day moving average and above its 200-day moving average.
** The price-to-earnings ratio of the Shanghai index was 14.88 as of the last full trading day while the dividend yield was 1.9 percent.
** So far this week, the market capitalisation of the Shanghai stock index has risen by 0.20 percent to 28.85 trillion yuan.
** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 1.7 percent while the IT sector fell 1.7 percent. The top gainer on Hang Seng was WH Group Ltd, up 0.72 percent, while the biggest loser was Sunny Optical Technology Group Co Ltd, down 7.55 percent.
(Reporting by Shanghai Newsroom; Editing by Richard Borsuk)