China ADRs & ETFs fell in premarket trading. YINN fell 12%; CHAU fell 10%; Bilibili dropped 9%; XPeng fell 7%; PDD Holdings, Nio fell 5%; Li Auto fell 4%; JD.com fell 3%.

Chinese President Xi Jinping’s decision-making Politburo vowed to embrace a “moderately loose” monetary policy in 2025, signaling more rate cuts ahead and shifting from a “prudent” strategy that’s held for nearly 14 years. Investors will now shift focus to annual closed-door Central Economic Work Conference due to start Wednesday, which may signal more fiscal measures.

“What they’re really targeting now with this monetary loosing is something that will address the consumer, and that’s really the crux of where the problems have been,” Burns McKinney, a fund manager at NFJ Investment Group LLC, said on Bloomberg Television. “If they can do that, then they can really harness of a burgeoning and growing middle class in China.”

China shares dropped as investors awaited further details of the potential stimulus and a possible unwinding of bullish bets put on last week.