U.S. Stock Market Movement | People's Bank of China Announces Multiple Incremental Monetary Policies, Chinese Concept Stocks Rise Collectively
The People's Bank of China announced a series of incremental monetary policies, leading to a collective rise in popular Chinese concept stocks. Bilibili rose by over 11%, Li Auto and JD.com rose by over 8%, Pinduoduo and Alibaba rose by over 6%, and Baidu rose by over 4%. The policies include lowering the reserve requirement ratio and policy interest rates, reducing mortgage rates, and supporting the stable development of the stock market
According to CNBC, on Tuesday, popular Chinese concept stocks collectively rose. As of the time of publication, Bilibili (BILI.US) surged over 11%, Li Auto (LI.US), JD.com (JD.US) rose over 8%, Pinduoduo (PDD.US), Alibaba (BABA.US) rose over 6%, and Baidu (BIDU.US) rose over 4%. On the news front, People's Bank of China Governor Pan Gongsheng announced a number of incremental monetary policies at a press conference, including: lowering the reserve requirement ratio and policy interest rates, driving down market benchmark interest rates; lowering existing housing loan rates and unifying the minimum down payment ratio for housing loans; creating new monetary policy tools to support the stable development of the stock market