Shares of Chinese companies, including Alibaba Group Holding Ltd - ADR (NYSE:BABA) and Nio Inc - ADR (NYSE:NIO), are trading lower, pulling back after recently rising on policy easing hopes. US market weakness has also pressured overall global markets this week.
Shares of several Chinese stocks were otherwise trading higher this week 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.
