Alibaba Group Holding Limited BABA and peer Chinese tech stocks are trading higher Thursday as some of China’s leading banks lowered rates on a range of deposit products to help boost growth.
Industrial & Commercial Bank of China Ltd, Agricultural Bank of China Ltd, Bank of China Ltd, Bank of Communications Co, and China Construction Bank Corp slashed their three-year and five-year deposit rates by 15 basis points, respectively, and annualized rates for demand deposits by 5 basis points in response to a call by Chinese authorities to cut their deposit rates for at least the second time in less than a year.
The changes, effective Thursday, will also see two-year deposit rates drop by 10 basis points, Bloomberg reports.
Chinese exports fell for the first time in three months in May, adding to economic risks as global demand weakens.
Baidu, Inc BIDU, JD.Com, Inc JD, and Bilibili Inc BILI are trading higher Thursday.
Price Action: BABA shares traded higher by 1.60% at $86.65 on the last check Thursday.
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