The Direxion Daily FTSE China Bull 3X Shares ETF (YINN) plummeted by nearly 9.11% on Tuesday, as Chinese stocks and American Depository Receipts (ADRs) suffered sharp losses following a disappointing policy briefing from the Chinese government.
Investors had been anticipating a strong pro-growth stimulus package from Beijing to revive the faltering rally in Chinese markets. However, the briefing largely reiterated previous measures and failed to deliver the kind of significant fiscal firepower that traders were hoping for.
The market response suggests that authorities face a high bar to satisfy traders and restore confidence in China's economic outlook. Other major Chinese companies trading in the US, including KE Holdings, Li Auto, XPeng, Nio, JD.com, PDD Holdings, and Alibaba, also tumbled on the heels of the underwhelming policy announcements.
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