Chinese stocks are beaten down amid investor worries over China’s economy.
Exchange-traded funds focused on equities in China have seen double-digit percentage drops over the past six months, including the iShares MSCI China ETF MCHI, KraneShares CSI China Internet ETF KWEB, Invesco China Technology ETF CQQQ, Xtrackers Harvest CSI 300 China A-Shares ETF ASHR and Rayliant Quantamental China Equity ETF RAYC, according to FactSet data.
The People’s Bank of China announced on Monday that it lowered its one-year loan prime rate by 10 basis points to 3.45%, disappointing investors with the scope of its stimulus, according to a note from Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management. The iShares MSCI China ETF, Invesco China Technology ETF, Xtrackers Harvest CSI 300 China A-Shares ETF and Rayliant Quantamental China Equity ETF were trading down Monday afternoon, with losses ranging from 0.1% to 0.6%.
China-focused ETFs have tanked in August, with the KraneShares CSI China Internet ETF dropping around 15.6% so far this month.
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