Shares of several Chinese stocks, Alibaba Group Holding Ltd – ADR (NYSE:BABA), Pinduoduo Inc – ADR (NASDAQ:PDD) and Nio Inc – ADR (NYSE:NIO), are all trading higher after the People’s Bank of China cut key lending rates.
Per a Wednesday night report from CNBC, China on Thursday cut its one-year loan prime rate by 10 basis points. The home mortgage rate was also cut by 5 basis points. Following the lending rate cuts, shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Thursday, lifting the benchmark Hang Seng Index to its highest level in almost two months… Read More
See Also: What’s Next For Microsoft Stock As It Holds Above Key Level?
