Stock Track | China Tech ETF Surges on Massive Stimulus Measures

Stock Track09-27

The Invesco China Technology ETF (CQQQ) soared 5.21% on Thursday, propelled by a strong rally in Chinese stocks after Beijing announced a sweeping set of stimulus measures to revive its slowing economy.

China's central bank cut key interest rates and lowered reserve requirements for banks on Friday, following a meeting of top Communist Party leaders who pledged to take action to ensure annual economic targets are met. The People's Bank of China lowered the seven-day reverse repurchase rate to 1.5% from 1.7%, and reduced the reserve ratio for major banks to 9.5% from 10%.

The stimulus efforts, which could also include 2 trillion yuan ($285 billion) in new sovereign bond issuance, provided a major boost to Chinese financial markets. The blue-chip CSI 300 index surged 4.5% on Friday alone, capping off a 15.7% weekly gain - its biggest since 2008. The Shanghai Composite and Hang Seng indexes also rallied around 3% on the day.

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