Stock Track | XPeng Stock Soars 6.48% as China Shifts to Loose Monetary Policy

Stock Track

Dec 09, 2024

Shares of Chinese electric vehicle maker XPeng Inc. (XPEV) surged 6.48% in Monday's trading session, propelled by China's landmark shift to a "moderately loose" monetary policy stance for the first time in over a decade.

In a crucial meeting, China's top leaders led by President Xi Jinping announced plans to embrace a looser monetary strategy next year, signaling greater economic stimulus ahead. The Politburo also vowed to implement a "more proactive" fiscal policy, suggesting the government is prepared to increase borrowing and deficit levels to support growth.

The policy pivot was warmly greeted by investors, driving a broad rally in Chinese stocks and ETFs listed overseas. The CSI 300 Index tracking major Shanghai and Shenzhen stocks surged over 3%, while the Hang Seng Index in Hong Kong jumped by a similar magnitude. Shares of several major Chinese tech firms listed in the U.S., including Alibaba and Baidu, also posted strong gains in pre-market trading.

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