By Brian Swint

Chinese stocks with American depositary receipts were losing ground early Monday even after China's central bank lowered interest rates.

The retailer Alibaba fell 1.4% when the market opened, while rival JD.com fell 0.5%. Bilibili, a video-sharing site, rose 0.6%, but the electric-vehicle maker NIO slipped 0.4%. The Hang Seng Index in Hong Kong fell 1.6% on Monday.

The People's Bank of China, the central bank for the world's second-biggest economy, lowered two key lending rates in an effort to help the housing market and bolster consumer spending.

Chinese officials ignited a stock rally in September by announcing the start of a series of measures to bolster growth. The government is trying to hit a 5% growth target for the year, while in the third quarter, the pace was just 4.6%, the slowest in six quarters.

The euphoria has faded somewhat as investors have worried whether whatever the government does will be enough. The reaction to the latest rate cuts suggest it still isn't, but there are likely more announcements to come. Should one be a big bazooka move, beyond what's already priced in, it would likely move stocks and markets.

Write to Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

October 21, 2024 09:53 ET (13:53 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.