China ETFs hit multi-month highs as China unwraps measures to bolster sluggish growth [Seeking Alpha]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Seeking Alpha
some analysts say Chinese authorities may need to make additional moves to bolster sluggish growth. The People's Bank of China cut its reserve requirement ratio to the lowest level since at least 2020, and unveiled efforts to support the struggling property market, among other actions overnight. China is aiming to hit its full-year growth target of ~5% in the wake of the COVID pandemic. On Wall Street, the iShares MSCI China ETF ( NASDAQ: MCHI ) soared as much as 7.9% to 46.71, the highest since May 20. The BlackRock fund managing $4.4B in assets later pared the gain to 7.5%. The $4.33B KraneShares CSI China Internet ETF ( NYSEARCA: KWEB ) climbed 8.1% and earlier hit its highest price since June. In China trade, the Shanghai Composite Index ( SHCOMP ) and Hong Kong's Hang Seng ( HSI ) each gained +4%. “Surprise market support measures by the PBOC should help improve investor sentiment and liquidity, and push both onshore and offshore markets to react positively in the near te
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