ETF Rises to Record as China’s PBOC Cuts Interest Rates
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Exchange-traded funds tracking Chinese equities listed in Shanghai and Hong Kong surged after the central bank cut interest rates for the first time in more than two years to bolster the economy.
Deutsche Bank’s X-trackers Harvest CSI 300 China A-Shares ETF jumped 5.1 percent yesterday in New York to the highest level since its U.S. debut last November. The iShares China Large-Cap ETF, which tracks 50 so-called H-shares of companies traded in Hong Kong, rose 3.7 percent while a Bloomberg index of the most-actively traded Chinese companies in the U.S. posted the biggest rally in a year. The announcement came after the close of regular trading in Asia.