Alibaba Group Holding Ltd (NYSE:BABA) shares are trading higher Thursday. Several Chinese stocks appear to be getting a boost after China’s central bank cut the borrowing cost of its medium-term policy loans.
What Happened: The People’s Bank of China lowered the rate on one-year medium-term lending facility loans to some financial institutions from 2.75% to 2.65%, per Reuters.
The move represents the first cut to medium-term policy loans in 10 months and comes after China’s central bank lowered its short-term lending rate from 2% to 1.9% earlier this week.
The cuts aim to help improve market confidence given the country’s sluggish post-pandemic recovery.
See Also: Jim Cramer Wishes China ‘Good Luck’ After Rate Cut: ‘Any Stimulus … Will Need Help From West’
BABA Price Action: Alibaba shares have a 52-week high of $125.84 and a 52-week low of $58.02.
The stock was up 2.05% at $91.19 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Alibaba.
