NIO Inc – ADR (NYSE:NIO) shares are trading lower by 3.06% to $9.50 Friday morning. The stock is pulling back following Thursday strength. Shares of Chinese stocks gained Thursday after China’s central bank cut the borrowing cost of its medium-term policy loans.
Per a report by Reuters, China’s central bank, in line with expectations, reduced the borrowing cost of its medium-term policy loans after a 10-month hiatus, as part of Beijing’s intensified stimulus efforts to stabilize the uncertain economic recovery.
Reuters says this action follows the recent decrease in two important short-term policy rates, indicating growing concerns among authorities regarding the fragility of the economy despite the relaxation of strict COVID measures.
See Also: Top Wall Street Analyst Sounds Alarm: Major Market Collapse Could Follow AI-Driven Rally
According to data from Benzinga Pro, NIO has a 52-week high of $24.43 and a 52-week low of $7.00.
