Shares of several Chinese stocks, Alibaba Group Holding Ltd - ADR BABA, Pinduoduo Inc - ADR PDD and Nio Inc - ADR NIO, are all trading higher after the People's Bank of China cut key lending rates.
Per a Wednesday night report from CNBC, China on Thursday cut its one-year loan prime rate by 10 basis points. The home mortgage rate was also cut by 5 basis points. Following the lending rate cuts, shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Thursday, lifting the benchmark Hang Seng Index to its highest level in almost two months... Read More
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