The leveraged China bull ETF Direxion Daily FTSE China Bull 3X Shares (YINN) surged 5.27% in Friday's pre-market trading session. This rally comes amid predictions from Wall Street banks that China could implement its biggest rate cuts in a decade to support the economy.
Major Chinese tech stocks like Alibaba and JD.com also experienced substantial gains, rising over 2% in early trading. The bullish sentiment around Chinese equities was fueled by expectations of aggressive monetary easing measures from the People's Bank of China.
According to analysts, the anticipated rate cuts could provide a significant boost to China's economic growth, which has been hampered by various factors, including COVID-19 lockdowns and a struggling real estate sector. The potential stimulus measures are seen as a positive development for Chinese stocks, particularly those in the technology and consumer sectors.
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