XPeng Inc – ADR (NYSE:XPEV) shares are trading lower by 5.97% to $9.93 going into the close of Friday’s session. Shares of Chinese stocks are trading lower amid possible economic concerns. China’s central bank recently made rate cuts in order to stimulate the country’s economic recovery.
What Happened?
According to Reuters, China has implemented its first reduction in key lending benchmarks in 10 months. The move aims to support a decelerating economic recovery. However, due to concerns regarding the property market, the easing measures were not as extensive as anticipated.
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Per Reuters, the one-year loan prime rate (LPR) was decreased by 10 basis points to 3.55%, while the five-year LPR saw a similar reduction to 4.20%. This monetary loosening occurs as China experiences a slowdown in the initial momentum observed during the first quarter.
According to data from Benzinga Pro, XPeng has a 52-week high of $35.35 and a 52-week low of $6.18.
