NEW YORK : Shares of U.S.-listed Chinese exchange traded funds edged higher on Thursday, tracking gains in the Chinese markets after the central bank cut borrowing costs to aid a shaky economic recovery and as investors pinned hopes on further stimulus.China's stock markets rose on Thursday, with the benc
NEW YORK : Shares of U.S.-listed Chinese exchange traded funds edged higher on Thursday, tracking gains in the Chinese markets after the central bank cut borrowing costs to aid a shaky economic recovery and as investors pinned hopes on further stimulus.
Shares of the two largest U.S.-listed Chinese ETFs - the iShares MSCI China ETF and the iShares Trust-China Large-Cap ETF, which between them have about $13 billion in assets, rose 1.8 per cent and 2.0 per cent, respectively. The ETFs remain 15 per cent and 13 per cent off, respectively, from their January highs.
The Chinese economic rebound seen earlier this year has lost momentum in the second quarter, prompting China's central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come. Recent interest rate cuts and hopes of more fiscal stimulus was helping lift Chinese stocks on Thursday, Quincy Krosby, chief global strategist for LPL Financial, said.
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