Chinese ADRs and ETFs turned down in overnight trading. YINN fell 3%; Li Auto, KE Holdings fell over 2%; Alibaba, CHAU, PDD Holdings fell over 1%.

Chinese banks cut their benchmark lending rates after easing by the central bank at the end of September, part of a series of measures aimed at reviving economic growth and halting a housing market slump.

The one-year loan prime rate was lowered to 3.10% from 3.35%, while the five-year LPR was reduced to 3.60% from 3.85%.

“It is not a big positive surprise, but rather within the expected range — we believe that the market’s sense of relief will spread and provide support for stock prices,” said Chunai Jean, senior strategist at Daiwa Asset Management in Tokyo. “We will continue to monitor the schedule of the Standing Committee of the National People’s Congress and the fiscal spending measures expected to be implemented at the meeting.”

China A50 Index futures fell 1.5%.