Chinese ADRs and ETFs continued to decline in premarket trading. YINN fell 7.15%; PDD down 6.3%; Alibaba, JD.com, XPeng, NIO fell around 4%.

PDD Holdings Inc.’s revenue grew a less-than-anticipated 24% after intensifying domestic competition and US tariffs crimped its expansion.

The e-commerce company reported revenue of 110.6 billion yuan ($15.3 billion) for the December quarter. Net income was up 18% to 27.4 billion yuan.

China stood pat on a key interest rate for a fifth month, offsetting a reassuring tone by the Federal Reserve on the impact of tariffs by the Trump administration and the outlook for monetary policies.

Meanwhile, Trump is drafting an executive order that would rely on funding from a U.S. Trade Representative proposal to levy fines of up to $1.5 million on China-made ships or vessels from fleets that include ships made in China, Reuters reported.