China-related exchange-traded funds tumbled on Tuesday after China’s central bank cut benchmark lending rates but spurred broader market disappointment that...
China-related exchange-traded funds tumbled on Tuesday after China’s central bank cut benchmark lending rates but spurred broader market disappointment that Beijing’s monetary stimulus was not sufficient to support the nation’s slowing post-pandemic economic recovery.
The iShares MSCI China ETF MCHI was down 4.1% on Tuesday, on pace for its worst day of 2023 and the biggest one-day percentage drop since October 2022, according to Dow Jones Market Data. While Tuesday’s rate cut was widely expected after a flurry of economic data, including May’s industrial production and retail sales report, missed expectations, market participants had predicted a bigger reduction in the five-year LPR rate, which impacts the pricing of longer-term loans such as mortgages.
The PBOC’s move came at a time when other major central banks around the world, despite having different political regimes and economic conditions, are still in a monetary tightening cycle to curb inflation.
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