Hot Chinese ADRs Rallied, With JD.com Jumping over 5%
Hot Chinese ADRs jumped Thursday after the U.S. Federal Reserve cut interest rates for the first time in four years. Expectations are also high China's central bank will cut its own benchmark rate Friday to boost its struggling economy.
XPeng rose about 7%; JD.com, Bilibili rose over 5%; iQiyi rose over 4%; Alibaba, NIO rose over 3%.
China is now widely predicted to cut its benchmark lending rates on Friday, according to a Reuters poll.
A weak Chinese yuan has limited the cope of the People's Bank of China to loosen monetary policy over recent years. However, with the Fed cutting rates by an aggressive half-point Thursday afternoon, it may have paved the way for a cut.
A majority of people surveyed -- 69% -- predicted both the one-year and five-year loan prime rate (LPR) to be trimmed, according to the Reuters survey of 39 market watchers. The current one-year rate stands at 3.35%.
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